Colorado § 4-4-502 Presentment of on arrival drafts

Colorado Statutes

§ 4-4-502 — Presentment of on arrival drafts

Colorado·Title 04 Uniform·Art. Bank Deposits and Collections

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.

Colorado § 4-4-502 (Presentment of on arrival drafts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.