Sec. 4502.
When 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 such refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods.
History: 1962, Act 174, Eff. Jan. 1, 1964
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 4 - Bank Deposits and Collections (440.4101...440.4504)
174-1962-4-5 - Part 5 Collection of Documentary Drafts (440.4501...440.4504)
Section 440.4501 - Documentary Draft; Presentment, Notice of Dishonor.
Section 440.4504 - Documentary Draft; Presenting Bank's Right to Deal With Goods; Lien for Expenses.