(a) must deliver the documents to the drawee on acceptance of the
draft if it is payable more than three days after presentment;
otherwise, only on payment; and
(b) upon dishonor, either in the case of presentment for acceptance or
presentment for payment, may seek and follow instructions from any
referee in case of need designated in the draft or if the presenting
bank does not choose to utilize his services it must use diligence and
good faith to ascertain the reason for dishonor, must notify its
transferor of the dishonor and of the results of its effort to ascertain
the reasons therefor and must request instructions.
But the presenting bank is under no obligation with respect to goods
represented by the documents except to follow any reasonable
instructions seasonably received; it has a right to reimbursement for
any expense incurred in following instructions and to prepayment of or
indemnity for such expenses.