Section 4-504 - Privilege of presenting bank to deal with goods; security interest for expenses. - Maryland Statutes

§ 4-504. Privilege of presenting bank to deal with goods; security interest for expenses.
 

(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) 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. 
 

[An. Code 1957, art. 95B, § 4-504; 1975, ch. 49, § 2; 1996, ch. 91, § 2.]