                                 CODE OF VIRGINIA

PRESENTMENT OF &#8220;ON ARRIVAL&#8221; DRAFTS (§ 8.4-502)

If a draft or the relevant instructions require presentment &#8220;on
arrival,&#8221; &#8220;when goods arrive&#8221; 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.

HISTORY: 1964, c. 219; 1992, c. 693.