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Uniform Commercial Code | |
Uniform Commercial Code - Bank Deposits and Collections | |
Section 504 | Privilege of presenting bank to deal with goods -- Security interest for expenses. |
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70A-4-504. Privilege of presenting bank to deal with goods -- Security interest for
expenses. (1) 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. (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.
Amended by Chapter 237, 1993 General Session |
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