North Dakota § 41-04-42 (4-504) Privilege of presenting bank to deal with goods - Security interest for expenses

North Dakota Statutes

§ 41-04-42 — (4-504) Privilege of presenting bank to deal with goods - Security interest for expenses

North Dakota § 41-04-42

Title 41Uniform Commercial Code

Ch. 41-04Bank Deposits and Collections

This text of North Dakota § 41-04-42 ((4-504) Privilege of presenting bank to deal with goods - Security interest for expenses) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 41-04-42 (2026).

Text

for expenses.

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 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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for expenses.
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 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.