Code of Virginia § 8.4-504. Privilege of presenting bank to deal with goods; security interest for expenses.
80 words·~1 min read·
/va/title-8-4/chapter-5/8-4-504A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.
1964, c. 219; 1992, c. 693.