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·Title 41 Uniform Commercial Code·Ch. 41-04 Bank Deposits and Collections

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.

North Dakota § 41-04-42 ((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.