Illinois Statutes
§ 4-504
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Article 4 - Bank Deposits And Collections
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.
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Legislative History
(Source: P.A. 87-582; 87-1135.)
Nearby Sections
15
§ 4-101
Short title§ 4-102
Applicability§ 4-103
§ 4-103§ 4-105
§ 4-105§ 4-107
Separate office of bank§ 4-108
Time of receipt of items§ 4-109
Delays§ 4-110
Electronic presentment§ 4-111
Statute of limitations§ 4-201
§ 4-201§ 4-203
Effect of instructions§ 4-204
§ 4-204