§ 4-504. Privilege of presenting bank to deal with goods; security interest for expenses

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(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.

HISTORY: An. Code 1957, art. 95B, § 4-504; 1975, ch. 49, § 2; 1996, ch. 91, § 2.

                    
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