§ 4-502. Presentment of “On Arrival” Drafts
Oklahoma Statutes AnnotatedTitle 12A. Commercial Code
12A Okl.St.Ann. § 4-502
§ 4-502. Presentment of “On Arrival” Drafts
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.
Credits
Laws 1991, c. 117, § 131, eff. Jan. 1, 1992.
12A Okl. St. Ann. § 4-502, OK ST T. 12A § 4-502
Current with emergency effective legislation through Chapter 125 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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