Skip to main content

Alaska Statutes Title 45. Trade and Commerce § 45.04.503. Responsibility of presenting bank for documents and goods;  report of reasons for dishonor;  referee in case of need

Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

(a) Unless otherwise instructed and except as provided in AS 45.05, 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 a referee in case of need designated in the draft or, if the presenting bank does not choose to use a 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 for dishonor, and must request instructions.

(b) A presenting bank is under no obligation with respect to goods represented by the documents except to follow reasonable instructions seasonably received;  it has a right to reimbursement for expenses incurred in following instructions and to prepayment of or indemnity for these expenses.

Cite this article: FindLaw.com - Alaska Statutes Title 45. Trade and Commerce § 45.04.503. Responsibility of presenting bank for documents and goods;  report of reasons for dishonor;  referee in case of need - last updated April 21, 2021 | https://codes.findlaw.com/ak/title-45-trade-and-commerce/ak-st-sect-45-04-503/


FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Copied to clipboard