Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 4. · Article 4. BANK DEPOSITS AND COLLECTIONS · Part 5. COLLECTION OF DOCUMENTARY DRAFTS

11-4-502. Presentment of “on arrival” drafts.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

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 must 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.

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Code 1933, § 109A-4-502, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 1996, p. 1306, § 14.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, page 537; merge action: carried; file SHA-256 ad397fccbf21.