§ 6A-4-504 - Privilege of presenting bank to deal with goods – Security interest for expenses. - Rhode Island Statutes

SECTION 6A-4-504

   § 6A-4-504  Privilege of presenting bank todeal with goods – Security interest for expenses. – (a) A presenting bank that, following the dishonor of a documentary draft, hasseasonably requested instructions but does not receive them within a reasonabletime may store, sell, or otherwise deal with the goods in any reasonable manner.

   (b) For its reasonable expenses incurred by action undersubsection (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.