North Carolina General Statutes 25-4-504. Privilege of presenting bank to deal with goods; security interest for expenses
Current as of: 2023 | Check for updates
|
Other versions
(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.
(b) For its reasonable expenses incurred by action under subsection (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. (1965, c. 700, s. 1; 1995, c. 232, s. 2.)
Terms Used In North Carolina General Statutes 25-4-504
- Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (N. See North Carolina General Statutes 25-4-104
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Lien: A claim against real or personal property in satisfaction of a debt.