§4-504. Privilege of presenting bank to deal with goods; security interest for expenses
82 words·~1 min read·
/me/title-11-uniform-commercial-code/4-504·A 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.
[PL 1993, c. 293, Pt. B, §48 (AMD).]
(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.