Idaho § 28-4-504 PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS — SECURITY INTEREST FOR EXPENSES

Idaho Statutes

§ 28-4-504 — PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS — SECURITY INTEREST FOR EXPENSES

Idaho·Title 28 COMMERCIAL TRANSACTIONS·Part 5. COLLECTION OF DOCUMENTARY DRAFTS·Ch. 4 UNIFORM COMMERCIAL CODE — BANK DEPOSITS AND COLLECTIONS

(1)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.

(2)For its reasonable expenses incurred by action under subsection (1) of this section, 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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(1) 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.
(2) For its reasonable expenses incurred by action under subsection (1) of this section, 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.

Idaho § 28-4-504 (PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS — SECURITY INTEREST FOR EXPENSES) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.