§490:4-504 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. [L 1965, c 208, §4-504; HRS §490:4-504; am L 1991, c 118, pt of §4]
Section: Previous 490-4-404 490-4-405 490-4-406 490-4-407 490-4-501 490-4-502 490-4-503 490-4-504 490-4a-101 490-4a-102 490-4a-103 490-4a-104 490-4a-105 490-4a-106 490-4a-107 NextLast modified: October 27, 2016