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Title XXVI TRADE AND COMMERCE

Chapter 400

previous next Effective - 28 Aug 1992bottom

  400.4-504.  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.

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(L. 1963 p. 503 § 4-504, A.L. 1992 S.B. 448)


---- end of effective   28 Aug 1992 ----

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