§ 6A-4-502 - Presentment of "on arrival" drafts. - Rhode Island Statutes

SECTION 6A-4-502

   § 6A-4-502  Presentment of "on arrival"drafts. – If a draft or the relevant instructions require presentment "on arrival", "whengoods arrive" or the like, the collecting bank need not present until in itsjudgment a reasonable time for arrival of the goods has expired. Refusal to payor accept because the goods have not arrived is not dishonor; the bank mustnotify its transferor of the refusal but need not present the draft again untilit is instructed to do so or learns of the arrival of the goods.