70A-4-504 - Privilege of presenting bank to deal with goods -- Security interest for expenses. - Utah Statutes

70A-4-504. Privilege of presenting bank to deal with goods -- Security interest forexpenses.
(1) A presenting bank that, following the dishonor of a documentary draft, has seasonablyrequested instructions but does not receive them within a reasonable time may store, sell, orotherwise deal with the goods in any reasonable manner.
(2) For its reasonable expenses incurred by action under Subsection (1) the presentingbank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner asan unpaid seller's lien.

Amended by Chapter 237, 1993 General Session