Ohio § 1304.40 Privilege of presenting bank to deal with goods - security interest for expenses - UCC 4-504

Ohio Statutes

§ 1304.40 — Privilege of presenting bank to deal with goods - security interest for expenses - UCC 4-504

Ohio § 1304.40

Title 13Commercial Transactions

Ch. 1304Bank Deposits And Collections

This text of Ohio § 1304.40 (Privilege of presenting bank to deal with goods - security interest for expenses - UCC 4-504) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1304.40 (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 division (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.

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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 division (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.