Home  > For Small Business  > {More Business Law}  > Uniform Commercial Code  > Bank Deposits and Collections (UCC Article 4)  > New Mexico Statutes 55-4-502. Presentment of "on arrival" drafts 
Search the New Mexico Statutes

New Mexico Statutes 55-4-502. Presentment of "on arrival" drafts

New Mexico Statutes > Chapter 55 > Article 4 > § 55-4-502 - Presentment of "on arrival" drafts


Current as of: 2010

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.

previous sectionArticle 4 Table of Contentsnext section
Previous sectionArticle 4 Table of ContentsNext section

________________________________________________________________________

See also:

New Mexico Statutes Chapter 55 > Article 4 - Bank Deposits and Collections

U.S. Code Provisions: Bank Deposits and Collections (UCC Article 4)

U.S. Code > Title 12 > Chapter 41 - Expedited Funds Availability
U.S. Code > Title 12 > Chapter 50 - Check Truncation
Comments (0)add comment

Post a comment or question below.
smaller | bigger

busy
 
Email  Email Print  Print   Digg

Peacock Myers, P.C.

201 Third Street NW, Suite 1340
Albuquerque, New Mexico 87102
Practice Areas: For Small Business, Intellectual Property
www.peacocklaw.com/
The Jaffe Law Firm
General Practice Law Firm

320 Gold Avenue SW, #1300
Albuquerque, New Mexico 87102
Practice Areas: Employment, Criminal Law, Family Law, For Small Business, Personal Injury
www.thejaffelawfirm.com/
Wolf & Fox, P.C.
Full Service Law Firm

1200 Pennsylvania NE
Albuquerque, New Mexico 87110
Practice Areas: Family Law
www.wolfandfoxpc.com/
monotone-frail