30-4-504. Privilege of presenting bank to deal with goods -- security interest for expenses.
30-4-504. Privilege of presenting bank to deal with goods -- security interest for expenses. (1) A presenting bank which, 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 subsection (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: En. Sec. 4-504, Ch. 264, L. 1963; R.C.M. 1947, 87A-4-504.