N.Y. Uniform Commercial Code 4-504 – Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses
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Section 4–504. Privilege of Presenting Bank to Deal With Goods;
Terms Used In N.Y. Uniform Commercial Code 4-504
- Lien: A claim against real or personal property in satisfaction of a debt.
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.