554.4504 Privilege of presenting bank to deal with goods — security interest for expenses.
88 words·~1 min read·
/ia/chapter-554-uniform-commercial-code/554-4504A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner.
2. For its reasonable expenses incurred by action under subsection 1 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.
[C66, 71, 73, 75, 77, 79, 81, §554.4504]
94 Acts, ch 1167, §116, 122