There is a newer version
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the New York Laws
2022 New York Laws
UCC - Uniform Commercial Code
Article 4 - Bank Deposits and Collections
Part 5 - Collection of Documentary Drafts
4-502 - Presentment of "On Arrival" Drafts.
Universal Citation:
NY UCC § 4-502 (2022)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
Section 4--502. Presentment of "On Arrival" Drafts.When 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 such 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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