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

1. Law
2. Arizona Revised Statutes
3. Uniform Commercial Code
4. Privilege of presenting bank to deal with goods; security interest for expenses

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.

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