Title 11, Chapter 4, Section 504
( 11-4-504)
Privilege of presenting bank to deal with goods; security interest for expenses. (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) of this Code 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. |