Section 4-4-504 - Privilege of presenting bank to deal with goods - Security interest for expenses

(a) A presenting bank that, 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.(b) For its reasonable expenses incurred by action under subsection (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.Acts 1961, No. 185, § 4-504; A.S.A. 1947, § 85-4-504; Acts 1991, No. 572, § 6.