South Carolina Statutes
§ 36-4-502 — Presentment of "on arrival" drafts.
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.
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South Carolina § 36-4-502 (Presentment of "on arrival" drafts.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 10.4-502; 1966 (54) 2716; 2008 Act No. 204, SECTION 3, eff July 1, 2008.
Nearby Sections
15
§ 36-4-101
Short title.§ 36-4-104
Definitions and index of definitions.§ 36-4-105
Definitions of types of banks.§ 36-4-107
Separate office of bank.§ 36-4-108
Time of receipt of items.§ 36-4-109
Delays.§ 36-4-110
Electronic presentment.§ 36-4-111
Statute of limitations.§ 36-4-203
Effect of instructions.