4-504 - Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses. - New York Statutes

Section 4--504. Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses. (1) A presenting bank which, 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. (2) For its reasonable expenses incurred by action under subsection (1) 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.