• Current through October 23, 2012

Unless otherwise agreed documents against which a draft is drawn are to be delivered to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only on payment.

(Dec. 30, 1963, 77 Stat. 659, Pub. L. 88-243, § 1.)



Prior Uniform Statutory Provision

Section 41, Uniform Bills of Lading Act.



Purposes of Changes

To make the provision one of general application so that:

1. It covers any document against which a draft may be drawn, whatever may be the form of the document, and applies to interpret the action of a seller or consignor insofar as it may affect the rights and duties of any buyer, consignee or financing agency concerned with the paper. Supplementary or corresponding provisions are found in Sections 4-503 and 5-112.

2. An "arrival" draft is a sight draft within the purpose of this section.

Cross References

Point 1: See Sections 2-502, 2-505(2), 2-507(2), 2-512, 2-513, 2-607 concerning protection of rights of buyer and seller, and 4-503 and 5- 113 on delivery of documents.

Definitional Cross References

"Delivery". Section 1-201.

"Draft". Section 3-104.

Prior Codifications

1981 Ed., § 28:2-514.

1973 Ed., § 28:2-514.