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O.C.G.A. § 11-4-502 — Presentment of "on arrival" drafts | Georgia Code

O.C.G.A. § 11-4-502 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 11 COMMERCIAL CODE

Section 4. Bank Deposits and Collections, 11-4-101 through 11-4-504.

ARTICLE 4 BANK DEPOSITS AND COLLECTIONS

11-4-502. 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.

(Code 1933, § 109A-4 - 502, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 1996, p. 1306, § 14.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 11 Am. Jur. 2d, Banks and Financial Institutions, § 993.

C.J.S.

- 9 C.J.S., Banks and Banking, §§ 328 et seq., 351 et seq., 405 et seq., 414 et seq.

U.L.A.

- Uniform Commercial Code (U.L.A.) § 4-502.

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