Cal. COM § 4504
This is the official text of Cal. COM § 4504, part of California’s Commercial Code — california's version of the Uniform Commercial Code, governing sales, negotiable instruments, and secured transactions.
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Official statutory text
(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 subdivision (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.
(b) For its reasonable expenses incurred by action under subdivision (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.
Status: in_force · Read it on the official government site
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