Rhode Island General Laws 6A-4-504. Privilege of presenting bank to deal with goods — Security interest for expenses
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(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 Rhode Island General Laws 6A-4-504
- Lien: A claim against real or personal property in satisfaction of a debt.
(b) For its reasonable expenses incurred by action under subsection (a) 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.
History of Section.
P.L. 2000, ch. 238, § 4; P.L. 2000, ch. 421, § 4.