Vermont § 503 - § 4—503.
Full text of Vermont Vermont Statutes Online § 503 — § 4—503., with citation guidance and answers to common questions.
§ 503. § 4—503.
- Responsibility of presenting bank for documents and goods; report of reasons for dishonor;
referee in case of need Unless otherwise instructed and except as provided in Article 5 of this title, 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. However the 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. (Added 1993, No. 158 (Adj. Sess.), § 13, eff. Jan. 1, 1995.)
Frequently Asked Questions About Vermont § 503
What does Vermont Statutes Online § 503 cover?
Section 503 ("§ 4—503.") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 503?
A common citation format is "Vermont Statutes Online § 503" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.