Wisconsin § 404.502 - Presentment of “on arrival” drafts.
Full text of Wisconsin Wisconsin Statutes § 404.502 — Presentment of “on arrival” drafts., with citation guidance and answers to common questions.
§ 404.502. 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. 404.502 History History: 1995 a. 449 .
Source: official Wisconsin text · Last verified 2026-08-27
Frequently Asked Questions About Wisconsin § 404.502
What does Wisconsin Statutes § 404.502 cover?
Section 404.502 ("Presentment of “on arrival” drafts.") is part of the Wisconsin Statutes, the codified statutory law of Wisconsin. 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 Wisconsin § 404.502?
A common citation format is "Wisconsin Statutes § 404.502" (Wisconsin). 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 Wisconsin law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Wisconsin official source linked on this page or consult a licensed Wisconsin attorney.
How does Wisconsin § 404.502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Wisconsin 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 Wisconsin.