N.J.S.A. 12A:4-502 — Presentment of "on arrival" drafts

12A: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. L.1995,c.28,s.2.

This is the verbatim text of N.J.S.A. 12A:4-502, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.