N.Y. UCC Law § 4-502
This is the official text of N.Y. UCC Law § 4-502, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Presentment of "On Arrival" Drafts
Official statutory text
Section 4--502. Presentment of "On Arrival" Drafts.\n When a draft or the relevant instructions require presentment "on\narrival", "when goods arrive" or the like, the collecting bank need not\npresent until in its judgment a reasonable time for arrival of the goods\nhas expired. Refusal to pay or accept because the goods have not arrived\nis not dishonor; the bank must notify its transferor of such refusal but\nneed not present the draft again until it is instructed to do so or\nlearns of the arrival of the goods.\n
Status: in_force · Read it on the official government site
Need a lawyer in New York?
Find a New York lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.