Sec. 4-504. Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses.
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/il/chapter-810/act-5/4-504A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 4-504. Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses.
(a)A presenting bank that, following the dishonor of a documentary draft, 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.
(b)For its reasonable expenses incurred by action under subsection
(a)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.