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

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  2. Iowa Code
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  4. UNIFORM COMMERCIAL CODE
  5. Privilege of presenting bank to deal with goods — security interest for expenses.

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554.4504 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.

[C66, 71, 73, 75, 77, 79, 81, §554.4504]

94 Acts, ch 1167, §116, 122


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