Virginia § 8.4-502 Presentment of "on arrival" drafts

Virginia Statutes

§ 8.4-502 — Presentment of "on arrival" drafts

Virginia § 8.4-502

Title 8.4COMMERCIAL CODE — BANK DEPOSITS AND COLLECTIONS

Part 5COLLECTION OF DOCUMENTARY DRAFTS

This text of Virginia § 8.4-502 (Presentment of "on arrival" drafts) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 8.4-502 (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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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.