Texas Business & Commerce Code - Section 4.504. Privilege Of Presenting Bank To Deal With Goods; Security Interest For Expenses
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§ 4.504. PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS;
SECURITY INTEREST FOR EXPENSES. (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.
Acts 1967, 60th Leg., p. 2343, ch. 785, § 1, eff. Sept. 1, 1967.
Amended by Acts 1995, 74th Leg., ch. 921, § 4, eff. Jan. 1, 1996.
Section: 4.404 4.405 4.406 4.407 4.501 4.502 4.503 4.504 5.101 5.102 5.103 5.104 5.105 5.106 5.107
Last modified: August 10, 2007
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