Michigan § 440.4502 - Documentary draft; presentment on arrival of goods, refusal for non-arrival; notice to transferor.
Full text of Michigan Michigan Compiled Laws § 440.4502 — Documentary draft; presentment on arrival of goods, refusal for non-arrival; notice to transferor., with citation guidance and answers to common questions.
§ 440.4502. Documentary draft; presentment on arrival of goods, refusal for non-arrival; notice to transferor.
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.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 440.4502
What does Michigan Compiled Laws § 440.4502 cover?
Section 440.4502 ("Documentary draft; presentment on arrival of goods, refusal for non-arrival; notice to transferor.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. 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 Michigan § 440.4502?
A common citation format is "Michigan Compiled Laws § 440.4502" (Michigan). 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 Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 440.4502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan 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 Michigan.