2018 Alaska Statutes
Title 45. Trade and Commerce
Chapter 04. Bank Deposits and Collections
Article 5. Collection of Documentary Drafts.
Sec. 45.04.502. Presentment of “on arrival” drafts.

Universal Citation: AK Stat § 45.04.502 (2018)

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 this 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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