Indiana § 26-1-4-502 Presentment of "on arrival" drafts

Indiana Statutes

§ 26-1-4-502 — Presentment of "on arrival" drafts

Indiana § 26-1-4-502

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 4Bank Deposits and Collections

This text of Indiana § 26-1-4-502 (Presentment of "on arrival" drafts) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-4-502 (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.
Formerly: Acts 1963, c.317, s.4-502. As amended by
P.L.222-1993, SEC.43.

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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.
Formerly: Acts 1963, c.317, s.4-502. As amended by
P.L.222-1993, SEC.43.