New York § 4-502 Presentment of "On Arrival" Drafts

New York Statutes

§ 4-502 — Presentment of "On Arrival" Drafts

New York § 4-502

Law UCCUniform Commercial Code

Part 5Collection of Documentary Drafts

Art. 4Bank Deposits and Collections

This text of New York § 4-502 (Presentment of "On Arrival" Drafts) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Uniform Commercial Code § 4-502 (2026).

Text

Section 4--502. Presentment of "On Arrival" Drafts.\n  When a draft or the relevant instructions require presentment "on\narrival", "when goods arrive" or the like, the collecting bank need not\npresent until in its judgment a reasonable time for arrival of the goods\nhas expired. Refusal to pay or accept because the goods have not arrived\nis not dishonor; the bank must notify its transferor of such refusal but\nneed not present the draft again until it is instructed to do so or\nlearns of the arrival of the goods.\n

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

Section 4--502. Presentment of "On Arrival" Drafts.\n When a draft or the relevant instructions require presentment "on\narrival", "when goods arrive" or the like, the collecting bank need not\npresent until in its judgment a reasonable time for arrival of the goods\nhas expired. Refusal to pay or accept because the goods have not arrived\nis not dishonor; the bank must notify its transferor of such refusal but\nneed not present the draft again until it is instructed to do so or\nlearns of the arrival of the goods.\n