Connecticut General Statutes 42a-4-504 – Privilege of presenting bank to deal with goods; security interest for expenses
Current as of: 2023 | Check for updates
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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.
Terms Used In Connecticut General Statutes 42a-4-504
- documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities, as defined in §. See Connecticut General Statutes 42a-4-104
- Lien: A claim against real or personal property in satisfaction of a debt.
(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.