California · Commercial Code

COM §2514: Unless otherwise agreed documents against which a draft is drawn are to be delivered to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only o

What this law says, in plain English

Documents related to a draft must be delivered to the drawee upon acceptance, unless the draft is payable within three days of presentment, in which case delivery occurs later.

Read the full statutory text

Unless otherwise agreed documents against which a draft is drawn are to be delivered to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only on payment.

Verify at the official source: California legislative text

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