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4-4-502. Presentment of “on arrival” drafts.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-4-502. Presentment of “on arrival” drafts.
If 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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-4-502
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:4-4-502
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f7bd627d4397a13c7b284c8e3bb8ff28935cedd3908a20e57eb1df2b3419f072
Source location: content.xml paragraph 5963
Stored source content
4-4-502. Presentment of “on arrival” drafts.
If 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.
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