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2019 California Code
Commercial Code - COM
DIVISION 4 - BANK DEPOSITS AND COLLECTIONS
CHAPTER 5 - Collection of Documentary Drafts
Section 4502.
Universal Citation: CA Com Code § 4502 (2019)
4502.
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 shall 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.
(Amended by Stats. 1992, Ch. 914, Sec. 48. Effective January 1, 1993.)
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