- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 4. Bank Deposits and Collections
- Section 503. Responsibility of Presenting Bank For Documents and Goods; Report of Reasons For Dishonor; Referee in Case of Need.
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. Presentment of "On Arrival" Drafts.
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. Privilege of Presenting Bank to Deal With Goods; Security Interest For Expenses.
AS 45.04.503. Responsibility of Presenting Bank For Documents and Goods; Report of Reasons For Dishonor; Referee in Case of Need.
- (a) Unless otherwise instructed and except as provided in AS 45.05,
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 a referee in case of need designated in the draft or, if the presenting bank does not choose to use a
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 for dishonor, and must request
- (b) A presenting bank is under no obligation with respect to goods represented by the documents except to follow
reasonable instructions seasonably received; it has a right to reimbursement for expenses incurred in following
instructions and to prepayment of or indemnity for these expenses.
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