8.4-504 - Privilege of presenting bank to deal with goods; security interest for expenses. - Virginia Statutes

§ 8.4-504. Privilege of presenting bank to deal with goods; security interestfor expenses.

(a) A presenting bank that, following the dishonor of a documentary draft,has seasonably requested instructions but does not receive them within areasonable time may store, sell, or otherwise deal with the goods in anyreasonable manner.

(b) For its reasonable expenses incurred by action under subsection (a), thepresenting bank has a lien upon the goods or their proceeds, which may beforeclosed in the same manner as an unpaid seller's lien.

(1964, c. 219; 1992, c. 693.)