New Mexico § 55-4-504 Privilege of presenting bank to deal with goods; security

New Mexico Statutes

§ 55-4-504 — Privilege of presenting bank to deal with goods; security

New Mexico § 55-4-504

Ch. 55Uniform Commercial Code

Art. 4Bank Deposits and Collections

This text of New Mexico § 55-4-504 (Privilege of presenting bank to deal with goods; security) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 55-4-504 (2026).

Text

interest for expenses.

(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.

Free access — add to your briefcase to read the full text and ask questions with AI

interest for expenses. (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.