N.Y. Uniform Commercial Code Law Section 4-502
Presentment of “On Arrival” Drafts

Section 4--502. Presentment of “On Arrival” Drafts. When 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 such refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods.

Source: Section 4-502 — Presentment of "On Arrival" Drafts, https://www.­nysenate.­gov/legislation/laws/UCC/4-502 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 4-502’s source at nysenate​.gov

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