§4-502. Presentment of "on arrival" drafts

Link to law: http://legislature.vermont.gov/statutes/section/09A/004/00502
Published: 2015

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The Vermont Statutes Online



Uniform Commercial Code



Bank Deposits and Collections



4-502. Presentment of "on arrival" drafts

If a draft or

the relevant instructions require presentment "on arrival",

"when goods arrive" or the like, the collecting bank need not present

until in its judgment a reasonable time for arrival of the goods has expired.

Refusal to pay or accept because the goods have not arrived is not dishonor;

the bank must notify its transferor of the refusal but need not present the

draft again until it is instructed to do so or learns of the arrival of the

goods. (Added 1993, No. 158 (Adj. Sess.), § 13, eff. Jan. 1, 1995.)