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.
Source: L. 65: p. 1327, § 1. C.R.S. 1963: § 155-2-514.
Prior Uniform Statutory Provision: Section 41, Uniform Bills of Lading Act.
Changes: Rewritten.
Purposes of Changes: To make the provision one of general application so that:
Cross References:
Point 1: See Sections 4-2-502, 4-2-505(2), 4-2-507(2), 4-2-512, 4-2-513, 4-2-607 concerning protection of rights of buyer and seller, and 4-503 and 5-112 on delivery of documents.
Definitional Cross References:
"Delivery". Section 4-1-201.
"Draft". Section 4-3-104.
Structure Colorado Code
Title 4 - Uniform Commercial Code
§ 4-2-501. Insurable Interest in Goods - Manner of Identification of Goods
§ 4-2-502. Buyer's Right to Goods on Seller's Insolvency - Repudiation - Failure to Deliver
§ 4-2-503. Manner of Seller's Tender of Delivery
§ 4-2-505. Seller's Shipment Under Reservation
§ 4-2-506. Rights of Financing Agency
§ 4-2-507. Effect of Seller's Tender - Delivery on Condition
§ 4-2-508. Cure by Seller of Improper Tender or Delivery - Replacement
§ 4-2-509. Risk of Loss in the Absence of Breach
§ 4-2-510. Effect of Breach on Risk of Loss
§ 4-2-512. Payment by Buyer Before Inspection
§ 4-2-513. Buyer's Right to Inspection of Goods
§ 4-2-514. When Documents Deliverable on Acceptance - When on Payment