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·Title 26 COMMERCIAL LAW·Art. 1 UNIFORM COMMERCIAL CODE·Ch. 4 Bank Deposits and Collections

(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.

Indiana § 26-1-4-504 (Privilege of presenting bank to deal with goods; security interest for expenses) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.