(810 ILCS 5/4-502) (from Ch. 26, par. 4-502)
Sec. 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.
(Source: P.A. 87-1135.)
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