Arizona § 47-4502 Presentment of "on arrival" drafts

Arizona Statutes

§ 47-4502 — Presentment of "on arrival" drafts

Arizona § 47-4502

Title 47Arizona Revised Statutes

Ch. 4BANK DEPOSITS AND COLLECTIONS

Art. 5Collection of Documentary Drafts

This text of Arizona § 47-4502 (Presentment of "on arrival" drafts) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 47-4502 (2026).

Text

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.

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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.