75-4-504 - Privilege of presenting bank to deal with goods; security interest for expenses.
§ 75-4-504. 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.
Sources: Codes, 1942, § 41A:4-504; Laws, 1966, ch. 316, § 4-504; Laws, 1992, ch. 420, § 111, eff from and after January 1, 1993.