Quick Links
- General Laws Conversion Table (2024) [PDF]
- Florida Statutes Definitions Index (2024) [PDF]
- Table of Section Changes (2024) [PDF]
- Preface to the Florida Statutes (2024) [PDF]
- Table Tracing Session Laws to Florida Statutes (2024) [PDF]
- Index to Special and Local Laws (1971-2024) [PDF]
- Index to Special and Local Laws (1845-1970) [PDF]
- Statute Search Tips
2021 Florida Statutes (Including 2021B Session)
SECTION 503
Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.
Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.
674.503 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 chapter 675, 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 3 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 refereeās 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.
History.—s. 1, ch. 65-254; s. 47, ch. 92-82.
Note.—s. 4-503, U.C.C.; supersedes s. 676.04.