440.4504 Documentary draft; presenting bank's right to deal with goods; lien for expenses.
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440.4504 Documentary draft; presenting bank's right to deal with goods; lien for expenses.
Sec. 4504.
(1)A presenting bank which, 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.
History: 1962, Act 174, Eff. Jan. 1, 1964