Current as of January 01, 2020 | Updated by FindLaw Staff
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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 the refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods.
Cite this article: FindLaw.com - North Dakota Century Code Title 41. Uniform Commercial Code § 41-04-40. (4-502) Presentment of on arrival drafts - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-41-uniform-commercial-code/nd-cent-code-sect-41-04-40/
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