Section 45.04.504. Privilege of presenting bank to deal with goods; security interest for expenses.

Latest version.

   (a) A presenting bank that, following the dishonor of a documentary draft, seasonably requests instructions but does not receive them within a reasonable time, may store, sell, or otherwise deal with the goods in a reasonable manner.
   (b) For its reasonable expenses incurred by action under (a) of this section, 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.

Notes

History

(Sec. 4.504 ch 114 SLA 1962)

                    
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