Virginia § 8.4-504 Privilege of presenting bank to deal with goods; security interest for expenses

Virginia Statutes

§ 8.4-504 — Privilege of presenting bank to deal with goods; security interest for expenses

Virginia § 8.4-504

Title 8.4COMMERCIAL CODE — BANK DEPOSITS AND COLLECTIONS

Part 5COLLECTION OF DOCUMENTARY DRAFTS

This text of Virginia § 8.4-504 (Privilege of presenting bank to deal with goods; security interest for expenses) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 8.4-504 (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 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.

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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 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.