Alaska § 45.04.503 - Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.
Full text of Alaska Alaska Statutes § 45.04.503 — Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need., with citation guidance and answers to common questions.
§ 45.04.503. Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.
(a) Unless otherwise instructed and except as provided in AS 45.05 , a bank presenting a documentary draft (1) must deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only on payment; and
(2) upon dishonor, either in the case of presentment for acceptance or presentment for payment, may seek and follow instructions from a referee in case of need designated in the draft or, if the presenting bank does not choose to use a referee's services, it must use diligence and good faith to ascertain the reason for dishonor, must notify its transferor of the dishonor and of the results of its effort to ascertain the reasons for dishonor, and must request instructions.
(b) A presenting bank is under no obligation with respect to goods represented by the documents except to follow reasonable instructions seasonably received; it has a right to reimbursement for expenses incurred in following instructions and to prepayment of or indemnity for these expenses.
Source: official Alaska text · Last verified 2026-08-27
Frequently Asked Questions About Alaska § 45.04.503
What does Alaska Statutes § 45.04.503 cover?
Section 45.04.503 ("Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.") is part of the Alaska Statutes, the codified statutory law of Alaska. 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 Alaska § 45.04.503?
A common citation format is "Alaska Statutes § 45.04.503" (Alaska). 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 Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 45.04.503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska 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 Alaska.