47-4504. 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.
Section: Previous 47-4404 47-4405 47-4406 47-4407 47-4501 47-4502 47-4503 47-4504 47-4a101 47-4a102 47-4a103 47-4a104 47-4a105 47-4a106 47-4a107 NextLast modified: October 13, 2016