California · Commercial Code

COM §4502: 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 t

What this law says, in plain English

A collecting bank may delay presenting a draft or instructions beyond the specified arrival time if it determines a reasonable time for goods arrival has not yet passed.

Read the full statutory text

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 shall 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.

Verify at the official source: California legislative text

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