§ 4504. Privilege of presenting bank to deal with goods; security interest for expenses.
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§ 4504. Privilege of presenting bank to deal with goods; security interest for expenses.
(a)Dealing with goods following dishonor of documentary draft.-- 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)Security interest for expenses.-- 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 lien of a seller.
13c4504v
(July 9, 1992, P.L.507, No.97, eff. one year)