New Jersey § 12a:4-503
Full text of New Jersey New Jersey Statutes § 12a:4-503, with citation guidance and answers to common questions.
§ 12a:4-503.
a. Unless otherwise instructed and except as provided in chapter 5 of Title 12A, 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 any referee in case of need designated
in the draft or, if the presenting bank does not choose to utilize the 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
therefor, and must request instructions. b. A presenting bank is under no obligation with respect to goods represented by the
documents except to follow any reasonable instructions seasonably received; it has
a right to reimbursement for any expense incurred in following instructions and to
prepayment of or indemnity for those expenses.
Frequently Asked Questions About New Jersey § 12a:4-503
What does New Jersey Statutes § 12a:4-503 cover?
Section 12a:4-503 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 12a:4-503?
A common citation format is "New Jersey Statutes § 12a:4-503" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:4-503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.