Alabama § 7-4-504 Privilege of Presenting Bank to Deal with Goods; Security Interest for Expenses

Alabama Statutes

§ 7-4-504 — Privilege of Presenting Bank to Deal with Goods; Security Interest for Expenses

Alabama·Title 7 Commercial Code·Art. 4 Bank Deposits and Collections·Part 5 Collection of Documentary Drafts

(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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(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.

Alabama § 7-4-504 (Privilege of Presenting Bank to Deal with Goods; Security Interest for Expenses) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.