Alabama § 7-4-502 - Presentment of “On Arrival” Drafts.
Full text of Alabama Code of Alabama § 7-4-502 — Presentment of “On Arrival” Drafts., with citation guidance and answers to common questions.
§ 7-4-502. 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: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 7-4-502
What does Code of Alabama § 7-4-502 cover?
Section 7-4-502 ("Presentment of “On Arrival” Drafts.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 7-4-502?
A common citation format is "Code of Alabama § 7-4-502" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 7-4-502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.