N.Y. U.C.C. 4-502

Section 4--502. Presentment of "On Arrival" Drafts.\n When a draft or the relevant instructions require presentment "on\narrival", "when goods arrive" or the like, the collecting bank need not\npresent until in its judgment a reasonable time for arrival of the goods\nhas expired. Refusal to pay or accept because the goods have not arrived\nis not dishonor; the bank must notify its transferor of such refusal but\nneed not present the draft again until it is instructed to do so or\nlearns of the arrival of the goods.\n