Alaska Statutes 45.04.504 – Privilege of presenting bank to deal with goods; security interest for expenses

(a) A presenting bank that, following the dishonor of a documentary draft, seasonably requests instructions but does not receive them within a reasonable time, may store, sell, or otherwise deal with the goods in a reasonable manner.

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Terms Used In Alaska Statutes 45.04.504

action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities under Alaska Stat. See Alaska Statutes 45.04.104
Lien: A claim against real or personal property in satisfaction of a debt.

(b) For its reasonable expenses incurred by action under (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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