400.4-504. Privilege of presenting bank to deal with goods--security interest for expenses. - Missouri Statutes

Privilege of presenting bank to deal with goods--security interest forexpenses.

400.4-504. (a) A presenting bank that, following thedishonor of a documentary draft, has seasonably requestedinstructions but does not receive them within a reasonable timemay store, sell, or otherwise deal with the goods in anyreasonable manner.

(b) For its reasonable expenses incurred by action undersubsection (a) the presenting bank has a lien upon the goods ortheir proceeds, which may be foreclosed in the same manner as anunpaid seller's lien.

(L. 1963 p. 503 § 4-504, A.L. 1992 S.B. 448)