440.4504 Documentary draft; presenting bank's right to deal with goods; lien for expenses. Sec. 4504. (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. History: 1962, Act 174, Eff. Jan. 1, 1964
Michigan Legal Code