Okla. Stat. tit. 12A, § 12A-4-502
This is the official text of Okla. Stat. tit. 12A, § 12A-4-502, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Presentment of "On Arrival" Drafts
Official statutory text
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 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.
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.
Status: in_force · Read it on the official government site
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