O.C.G.A.

O.C.G.A. § 11-4-502 (2019)

Presentment of “on arrival” drafts

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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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.

History

Code 1933, § 109A-4-502, enacted by

Ga. L. 1962, p. 156, § 1; Ga. L. 1996, p. 1306, § 14.

Annotations

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.) § 4502.