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 § 4-504

Law UCCUniform Commercial Code

Part 5Collection of Documentary Drafts

Art. 4Bank Deposits and Collections

This text of New York § 4-504 (Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Uniform Commercial Code § 4-504 (2026).

Text

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

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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