Illinois Statutes
§ 4-502 — Presentment of "on arrival" drafts
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Article 4 - 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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Legislative History
(Source: P.A. 87-1135.)
Nearby Sections
15
§ 4-101
Short title§ 4-102
Applicability§ 4-103
§ 4-103§ 4-105
§ 4-105§ 4-107
Separate office of bank§ 4-108
Time of receipt of items§ 4-109
Delays§ 4-110
Electronic presentment§ 4-111
Statute of limitations§ 4-201
§ 4-201§ 4-203
Effect of instructions§ 4-204
§ 4-204