Minnesota § 336.4-502 336.4-502 PRESENTMENT OF "ON ARRIVAL" DRAFTS.

Minnesota Statutes

§ 336.4-502 — 336.4-502 PRESENTMENT OF "ON ARRIVAL" DRAFTS.

Minnesota § 336.4-502

PartTRADE REGULATIONS, CONSUMER PROTECTION

Ch. 336UNIFORM COMMERCIAL CODE

This text of Minnesota § 336.4-502 (336.4-502 PRESENTMENT OF "ON ARRIVAL" DRAFTS.) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 336.4-502 (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.

Free access — add to your briefcase to read the full text and ask questions with AI

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.