554.4502 Presentment of 'on arrival' drafts. 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 forarrival of the goods has expired. Refusal to pay or accept because the goods have not arrivedis not dishonor; the bank must notify its transferor of the refusal but need not present thedraft again until it is instructed to do so or learns of the arrival of the goods. [C66, 71, 73, 75, 77, 79, 81, §554.4502]94 Acts, ch 1167, §114, 122 Sat Dec 23 01:57:33 2023 Iowa Code 2024, Section 554.4502 (24, 0)
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