404.504 Privilege of presenting bank to deal with goods; security interest for expenses.
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/wi/chapter-404/404-504A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
404.504 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 sub.
(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.