2.514 – WHEN DOCUMENTS DELIVERABLE ON ACCEPTANCE; WHEN ON
Texas Business and Commerce Code § 2.514
Summary
This law specifies the conditions under which documents related to a draft must be delivered to the drawee. If a draft is payable more than three days after it is presented, the documents are delivered upon acceptance; otherwise, they are delivered only upon payment.
Documents are delivered on acceptance for drafts payable after three days.
For drafts payable within three days, delivery occurs only on payment.
Parties may agree to different terms regarding document delivery.
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In simple terms: Learn about Texas's WHEN DOCUMENTS DELIVERABLE ON ACCEPTANCE; WHEN ON law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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