2013 Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 4: BANK DEPOSITS AND COLLECTIONS
11 §4-502. Presentment of "on arrival" drafts
Part 5: COLLECTION OF DOCUMENTARY DRAFTS
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. [1993, c. 293, Pt. B, 46 (AMD).]
SECTION HISTORY
1993, c. 293, B46 (AMD).
Disclaimer: These codes may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
