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The Vermont Statutes Online
Title
09A
:
Uniform Commercial Code
Chapter
004
:
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.)