Indiana § 26-1-4-504 Privilege of presenting bank to deal with goods; security interest for
expenses

Indiana Statutes

§ 26-1-4-504 — Privilege of presenting bank to deal with goods; security interest for expenses

Indiana § 26-1-4-504

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 4Bank Deposits and Collections

This text of Indiana § 26-1-4-504 (Privilege of presenting bank to deal with goods; security interest for expenses) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-4-504 (2026).

Text

(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. Formerly: Acts 1963, c.317, s.4-504. As amended by P.L.222-1993, SEC.45.

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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.
Formerly: Acts 1963, c.317, s.4-504. As amended by
P.L.222-1993, SEC.45.