Ohio Code 1304.40 – Privilege of presenting bank to deal with goods – security interest for expenses – UCC 4-504
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.
Terms Used In Ohio Code 1304.40
- Lien: A claim against real or personal property in satisfaction of a debt.
(B) For its reasonable expenses incurred by action under division (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.