Find Laws Find Lawyers Free Legal Forms USA State Laws

HAWAII STATUTES AND CODES

§490:4-503 - Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.

     §490:4-503  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 article 5, 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. [L 1965, c 208, §4-503; HRS §490:4-503; am L 1991, c 118, pt of §4]

 

 

Hawaii Forms by Issue

Hawaii Consumer Forms
Hawaii Divorce Forms
Hawaii Family Forms
Hawaii Tax Forms

Hawaii Law

Hawaii State Laws
    > Hawaii Child Support
    > Hawaii Gun Laws
    > Hawaii Statutes
Hawaii State
    > Hawaii State Library
    > Hawaii Zip Code
Hawaii Tax
    > Hawaii State Tax
Hawaii Agencies
    > Hawaii DMV

Hawaii Court Map

Tips