Hawaii Revised Statutes 490:4-503 – Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need
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Unless otherwise instructed and except as provided in article 5, a bank presenting a documentary draft:
Terms Used In Hawaii Revised Statutes 490:4-503
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
However, 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 those expenses.