2006 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.4-502 PRESENTMENT OF "ON ARRIVAL" DRAFTS.
336.4-502 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.
History: 1965 c 811 s 336.4-502; 1992 c 565 s 110
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