400.4-502. Presentment of "on arrival" drafts. - Missouri Statutes

Presentment of "on arrival" drafts.

400.4-502. If a draft or the relevant instructions requirepresentment "on arrival", "when goods arrive" or the like, thecollecting bank need not present until in its judgment areasonable time for arrival of the goods has expired. Refusal topay or accept because the goods have not arrived is not dishonor;the bank must notify its transferor of the refusal but need notpresent the draft again until it is instructed to do so or learnsof the arrival of the goods.

(L. 1963 p. 503 § 4-502, A.L. 1992 S.B. 448)