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

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2. Wisconsin Statutes & Annotations
3. Uniform commercial code — bank deposits and collections.
4. Privilege of presenting bank to deal with goods; security interest for expenses.

404.504 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 sub. (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.

History: 1995 a. 449.

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