California Statutes
§ 4504. — 4504. (Amended by Stats. 1992, Ch. 914, Sec. 50.)
California·Code COM Commercial Code - COM·Div. 4. DIVISION 4. BANK DEPOSITS AND COLLECTIONS·Ch. 5. CHAPTER 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 subdivision (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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California § 4504. (4504. (Amended by Stats. 1992, Ch. 914, Sec. 50.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 1992, Ch. 914, Sec. 50. Effective January 1, 1993.