Pennsylvania § 4504 Privilege of presenting bank to deal with goods; security interest for expenses

Pennsylvania Statutes

§ 4504 — Privilege of presenting bank to deal with goods; security interest for expenses

Pennsylvania § 4504

Title 13COMMERCIAL CODE

Ch. 45COLLECTION OF DOCUMENTARY DRAFTS

This text of Pennsylvania § 4504 (Privilege of presenting bank to deal with goods; security interest for expenses) is published on Counsel Stack Legal Research, covering Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

13 Pa. Cons. Stat. § 4504 (2026).

Text

(a)Dealing with goods following dishonor of documentary draft.--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)Security interest for expenses.--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 lien of a seller.

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(a) Dealing with goods following dishonor of documentary draft.--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) Security interest for expenses.--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 lien of a seller.

Legislative History

(July 9, 1992, P.L.507, No.97, eff. one year)

Nearby Sections

4

§ 4501

Handling of documentary drafts; duty to send for presentment and to notify customer

§ 4502

Presentment of "on arrival" drafts

§ 4503

Responsibility of presenting bank for documents and goods; report of reasons for dishonor;

§ 4504

Privilege of presenting bank to deal with goods; security interest for expenses

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Bluebook (online)

Pennsylvania § 4504, Counsel Stack Legal Research, https://law.counselstack.com/statute/pa/13/4504.