CopyCited 9 times | Published | District Court, M.D. Florida | 1985 U.S. Dist. LEXIS 18147
...The bills here in question apparently would fall outside the literal definition of a documentary draft because they do not seem to be deliverable against "honor" of the draft, i.e. payment or acceptance and payment. However, the sections governing collection of documentary drafts, UCC 4-501 to 4-504. (Fla.Stat. §§ 674.501-504), contemplate that some documentary drafts will be delivered upon acceptance rather than payment....
...Further, MSB failed to protest the dishonor when instructed by plaintiffs to do so. Under the URC, however, MSB was not required to take any action with respect to the goods, URC Art. 19; therefore, MSB's failure to attach the goods as requested was not in violation of its duties under the URC. Sections 674.501-.504 of the Florida Statutes govern collection of documentary drafts. MSB was required to seasonably notify plaintiffs of dishonor, Fla.Stat. § 674.501, and to use diligence and good faith to ascertain the reason for dishonor, notify SBI of the dishonor and of the results of its effort to ascertain the reasons therefore, and request instructions....
...4. However, different provisions of the UCC have been applied in these cases. See generally Annot., 22 A.L.R. 4th 10 (1983 & Supp.1984). Some courts have turned to the provisions governing collection of documentary drafts, UCC §§ 4-501 to 4-504 (§§ 674.501-.504), and have indicated that the bank must act seasonably in the return of documentary drafts....
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Declined to follow(citing case) (2012)phrase: "decline to follow"
Cited as authoritySiematic (2009)phrase: "rule_authority"
Cited as authorityBryant (2007)phrase: "rule_authority"
