North Dakota § 41-04-40 (4-502) Presentment of on arrival drafts

North Dakota Statutes

§ 41-04-40 — (4-502) Presentment of on arrival drafts

North Dakota·Title 41 Uniform Commercial Code·Ch. 41-04 Bank Deposits and Collections

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 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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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 the refusal but need not present
the draft again until it is instructed to do so or learns of the arrival of the goods.

North Dakota § 41-04-40 ((4-502) Presentment of on arrival drafts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.