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Ch. 11 LAWS OF MARYLAND
4-502.
When a draft or. the relevant instructions require
presentment "on [arrival,"] ARRIVAL", "when goods [arrive"]
ARRIVE", or the like, the collecting bank need not present until
in its judgment a reasonable time for arrival of the goods has
expired. Refusal to pay or accept because the goods have not
arrived is not dishonor; the bank must notify its transferor of
such refusal but need not present the draft again until it is
instructed to do so or learns of the arrival of the goods.
DRAFTER'S NOTE: This corrects a stylistic error and the
omission of punctuation in § 4-502 of the Commercial
Law Article.
The stylistic error, the placement of a comma, was a
publishing error, which occurred in the printing of
the 1964 Replacement Volume for Volume 8 of the
Annotated Code. The omission of the punctuation, a
comma, occurred in Ch. 538 of the Acts of 1963.
The stylistic error was noted by the Computer Division
of the Department of Legislative Reference. The
omission of the comma was noted by the professional
staff of the Legislative Division of the Department of
Legislative Reference.
12-103.
(b) (2) For purposes of [subsection (b) of this section]
THIS SUBSECTION, "refinancing" means increasing or altering the
balance due, the term, or the interest rate of an existing loan
or paying off an existing loan whether or not the lender also
made the existing loan.
(3) (i) If the loan is a refinancing, the lender is
limited as to the interest, fees and other charges made in
connection with the refinanced loan to those provided in Subtitle
4 of this title.
(ii) The provisions of [item (i)] SUBPARAGRAPH
(I) of this paragraph do not apply to:
1. A purchase money loan;
2. A lender refinancing an existing loan.
if the lender is a banking institution, a national banking
association, a federal savings bank, a federal or State savings
and loan association, a federal or State credit union, or a
credit grantor refinancing the loan pursuant to Subtitles 9 or 10
of this title; or
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