New Jersey § 12A:4-504 Privilege of presenting bank to deal with goods; security interest for expenses

New Jersey Statutes

§ 12A:4-504 — Privilege of presenting bank to deal with goods; security interest for expenses

New Jersey § 12A:4-504

Title 12ACOMMERCIAL TRANSACTIONS

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

Bluebook

N.J. Stat. Ann. § 12A: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. of this section, 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. L.1995,c.28,s.2.

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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. of this section, 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. L.1995,c.28,s.2.