Iowa § 554.4502 Presentment of “on arrival” drafts

Iowa Statutes

§ 554.4502 — Presentment of “on arrival” drafts

Iowa § 554.4502

Title XIIICOMMERCE

Ch. 554UNIFORM COMMERCIAL CODE

This text of Iowa § 554.4502 (Presentment of “on arrival” drafts) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 554.4502 (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.