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

1. Law
2. Revised Code of Washington
3. Uniform Commercial Code
4. Bank Deposits and Collections.
5. 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.

[ 1993 c 229 § 116; 1965 ex.s. c 157 § 4-504.]

NOTES:

Recovery of attorneys' fees—Effective date—1993 c 229: See RCW 62A.11-111 and 62A.11-112.

Download our app to see the most-to-date content.