Utah Statutes
§ 70A-4-502 — Presentment of "on arrival" drafts.
Utah § 70A-4-502
JurisdictionUtah
Title 70AUniform Commercial Code
Ch. 70A-4Uniform Commercial Code - Bank Deposits and Collections
Part 70A-4-5Collection of Documentary Drafts
This text of Utah § 70A-4-502 (Presentment of "on arrival" drafts.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Utah Code Ann. § 70A-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.
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Legislative History
Amended by Chapter 237, 1993 General Session
Nearby Sections
15
§ 70A-10-101
Effective date.§ 70A-10-102
Specific repealer -- Provision for transition.§ 70A-10-103
General repealer.§ 70A-10-104
Laws not repealed.§ 70A-1a-101
Title.§ 70A-1a-102
Scope of chapter.§ 70A-1a-104
Construction against implied repeal.§ 70A-1a-105
Severability.§ 70A-1a-106
Use of singular and plural -- Gender.§ 70A-1a-107
Section captions.§ 70A-1a-201
General definitions.§ 70A-1a-202
Notice -- Knowledge.§ 70A-1a-203
Lease distinguished from security interest.Cite This Page — Counsel Stack
Bluebook (online)
Utah § 70A-4-502, Counsel Stack Legal Research, https://law.counselstack.com/statute/ut/70A-4-502.