New York § 4-504 Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses

New York Statutes

§ 4-504 — Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses

New York·Law UCC Uniform Commercial Code·Part 5 Collection of Documentary Drafts·Art. 4 Bank Deposits and Collections

Section 4--504. Privilege of Presenting Bank to Deal With Goods;\n                  Security Interest for Expenses.\n  (1) A presenting bank which, following the dishonor of a documentary\ndraft, has seasonably requested instructions but does not receive them\nwithin a reasonable time may store, sell, or otherwise deal with the\ngoods in any reasonable manner.\n  (2) For its reasonable expenses incurred by action under subsection\n(1) the presenting bank has a lien upon the goods or their proceeds,\nwhich may be foreclosed in the same manner as an unpaid seller's lien.\n

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

Section 4--504. Privilege of Presenting Bank to Deal With Goods;\n Security Interest for Expenses.\n (1) A presenting bank which, following the dishonor of a documentary\ndraft, has seasonably requested instructions but does not receive them\nwithin a reasonable time may store, sell, or otherwise deal with the\ngoods in any reasonable manner.\n (2) For its reasonable expenses incurred by action under subsection\n(1) the presenting bank has a lien upon the goods or their proceeds,\nwhich may be foreclosed in the same manner as an unpaid seller's lien.\n

New York § 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.