Idaho Code § 28-4-504
This is the official text of Idaho Code § 28-4-504, part of Idaho’s Code — part of the compiled statutory law of Idaho, published by the state as "Code." Browse the sections below, each linked to its official government source.
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28-4-504 PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS — SECURITY INTEREST FOR EXPENSES.
Official statutory text
PART 5.
COLLECTION OF DOCUMENTARY DRAFTS
28-4-504. Privilege of presenting bank to deal with goods — Security interest for expenses. (1) 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.
(2) For its reasonable expenses incurred by action under subsection (1) of this section, 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:
[28-4-504, added 1967, ch. 161, sec. 4-504, p. 351; am. 1993, ch. 288, sec. 45, p. 1074.]
COLLECTION OF DOCUMENTARY DRAFTS
28-4-504. Privilege of presenting bank to deal with goods — Security interest for expenses. (1) 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.
(2) For its reasonable expenses incurred by action under subsection (1) of this section, 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:
[28-4-504, added 1967, ch. 161, sec. 4-504, p. 351; am. 1993, ch. 288, sec. 45, p. 1074.]
Status: in_force · Read it on the official government site
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