The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 9A V.S.A. § 4-502)
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§ 4—502. 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. (Added 1993, No. 158 (Adj. Sess.), § 13, eff. Jan. 1, 1995.)