California § 4502. 4502. (Amended by Stats. 1992, Ch. 914, Sec. 48.)

California Statutes

§ 4502. — 4502. (Amended by Stats. 1992, Ch. 914, Sec. 48.)

California § 4502.

Code COMCommercial Code - COM

Div. 4.DIVISION 4. BANK DEPOSITS AND COLLECTIONS

Ch. 5.CHAPTER 5. Collection of Documentary Drafts

This text of California § 4502. (4502. (Amended by Stats. 1992, Ch. 914, Sec. 48.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Commercial Code - COM Code § 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 shall 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 shall 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.

Legislative History

Amended by Stats. 1992, Ch. 914, Sec. 48. Effective January 1, 1993.

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California § 4502., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/COM/4502..