Statute · California Commercial Code
Cal. Com. Code § 4502 — Collection of Documentary Drafts
Cal. Com. Code § 4502
- Type
- Statute
- Source
- California Commercial Code
- Jurisdiction
- California
- Date
- 1993-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
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…
Citator
Cal. Com. Code § 4502 — Collection of Documentary Drafts is in force in the current edition of the Code, and nothing recorded condemns it.
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 shall 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.