Florida Statutes 674.504 – Privilege of presenting bank to deal with goods; security interest for expenses
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 674.504
- Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (s. See Florida Statutes 674.104
- Lien: A claim against real or personal property in satisfaction of a debt.
(1) 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.
(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.