U.C.C. - ARTICLE 4 -§4-504.

U.C.C. - ARTICLE 4 - BANK DEPOSITS AND COLLECTIONS
..PART 5. COLLECTION OF DOCUMENTATARY DRAFTS

§ 4-504. 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.

© Copyright 2005 by The American Law Institute and the National Conference of Commissioners on Uniform State Laws; reproduced, published and distributed with the permission of the Permanent Editorial Board for the Uniform Commercial Code for the limited purposes of study, teaching, and academic research.

U.C.C. - ARTICLE 4 - BANK DEPOSITS AND COLLECTIONS ..PART 5. COLLECTION OF DOCUMENTATARY DRAFTS

§ 4-504. PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS; SECURITY INTEREST FOR EXPENSES.

U.C.C. - ARTICLE 4 - BANK DEPOSITS AND COLLECTIONS
..PART 5. COLLECTION OF DOCUMENTATARY DRAFTS