Statutes > New Mexico Statutes > Chapter 55 - Uniform Commercial Code. > Article 4 - Bank Deposits and Collections, 55-4-101 through 55-4-504. > Section 55-4-504 - Privilege of presenting bank to deal with goods; security interest for expenses.

Section 55-4-504 - Privilege of presenting bank to deal with goods; security interest for expenses.

55-4-504. 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.