New York Uniform Commercial Code Law Section 4-504 - Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses.

Section 4--504. Privilege   of  Presenting  Bank  to  Deal  With  Goods;
                Security Interest for Expenses.
(1) A presenting bank which, 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 subsection
  (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.

Last modified: February 3, 2019