70A-4-504. Privilege of presenting bank to deal with goods -- Security interest for expenses.
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70A-4-504. Privilege of presenting bank to deal with goods -- Security interest for expenses.
(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.
Amended by Chapter 237 , 1993 General Session