Montana Statutes
§ 30-4-502 — Presentment Of "on Arrival" Drafts
Montana·Title 30 TRADE AND COMMERCE·Ch. 4 UNIFORM COMMERCIAL CODE BANK DEPOSITS AND COLLECTIONS·Part 5 Collection of Documentary Drafts
30-4-502 . Presentment of "on arrival" drafts. When 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 such 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
En. Sec. 4-502, Ch. 264, L. 1963; R.C.M. 1947, 87A-4-502.
Nearby Sections
15
§ 30-4-101
Short Title§ 30-4-102
Applicability§ 30-4-104
Definitions And Index Of Definitions§ 30-4-106
Separate Office Of A Bank§ 30-4-107
Time Of Receipt Of Items§ 30-4-108
Delays§ 30-4-109
Repealed§ 30-4-111
Truncation§ 30-4-112
Statute Of Limitations§ 30-4-203
Effect Of Instructions