Nevada Revised Statutes 104.4504 – Privilege of presenting bank to deal with goods; security interest for expenses
Current as of: 2022 | Check for updates
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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.
Terms Used In Nevada Revised Statutes 104.4504
- Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities or instructions for uncertificated securities, or other certificates, statements or the like are to be received by the drawee or other payor before acceptance or payment of the draft. See Nevada Revised Statutes 104.4104
- Lien: A claim against real or personal property in satisfaction of a debt.
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.