Sec. 45.04.504. Privilege of presenting bank to deal with goods; security interest for expenses.
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Sec. 45.04.504. Privilege of presenting bank to deal with goods; security interest for expenses.
(a)A presenting bank that, following the dishonor of a documentary draft, seasonably requests instructions but does not receive them within a reasonable time, may store, sell, or otherwise deal with the goods in a reasonable manner.
(b)For its reasonable expenses incurred by action under
(a)of this section, the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller's lien.