1. MCA Contents
  2. TITLE 30
  3. CHAPTER 4
  4. Part 5
  5. 30-4-504 Privilege of presenting bank to deal with goods -- security interest for expenses

TITLE 30. TRADE AND COMMERCE

CHAPTER 4. UNIFORM COMMERCIAL CODE BANK DEPOSITS AND COLLECTIONS

Part 5. Collection of Documentary Drafts

Privilege Of Presenting Bank To Deal With Goods -- Security Interest For Expenses

30-4-504. Privilege of presenting bank to deal with goods -- security interest for expenses. (1) A presenting bank which, 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.

(2) For its reasonable expenses incurred by action under subsection (1) 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.

History: En. Sec. 4-504, Ch. 264, L. 1963; R.C.M. 1947, 87A-4-504.