N.Y. Uniform Commercial Code Law § 4-502: Presentment of "On Arrival" Drafts

Section 4--502. Presentment of "On Arrival" Drafts.

When 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 such refusal but

need not present the draft again until it is instructed to do so or

learns of the arrival of the goods.