Virginia § 8.4-502 - Presentment of "on arrival" drafts
Full text of Virginia Code of Virginia § 8.4-502 — Presentment of "on arrival" drafts, with citation guidance and answers to common questions.
§ 8.4-502. 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.
1964, c. 219; 1992, c. 693.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 8.4-502
What does Code of Virginia § 8.4-502 cover?
Section 8.4-502 ("Presentment of "on arrival" drafts") is part of the Code of Virginia, the codified statutory law of Virginia. 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 Virginia § 8.4-502?
A common citation format is "Code of Virginia § 8.4-502" (Virginia). 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 Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 8.4-502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia 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 Virginia.