Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses.

  1. Law
  2. New York Laws
  3. Uniform Commercial Code
  4. Collection of Documentary Drafts
  5. Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses.

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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.


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