2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 45 - Collection of Documentary Drafts
Section 4503 - Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need

     § 4503.  Responsibility of presenting bank for documents and
                goods; report of reasons for dishonor; referee in
                case of need.
        Unless otherwise instructed and except as provided in
     Division 5 (relating to letters of credit), a bank presenting a
     documentary draft:
            (1)  must deliver the documents to the drawee on
        acceptance of the draft if it is payable more than three days
        after presentment; otherwise, only on payment; and
            (2)  upon dishonor, either in the case of presentment for
        acceptance or presentment for payment, may seek and follow
        instructions from any referee in case of need designated in
        the draft or, if the presenting bank does not choose to
        utilize the referee's services, it must use diligence and
        good faith to ascertain the reason for dishonor, must notify
        its transferor of the dishonor and of the results of its
        effort to ascertain the reasons therefor and must request
        instructions.
     However, the presenting bank is under no obligation with respect
     to goods represented by the documents except to follow any
     reasonable instructions seasonably received; it has a right to
     reimbursement for any expense incurred in following instructions
     and to prepayment of or indemnity for those expenses.
     (July 9, 1992, P.L.507, No.97, eff. one year)