N.Y. UCC Law § 4-504
This is the official text of N.Y. UCC Law § 4-504, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses
Official statutory text
Section 4--504. Privilege of Presenting Bank to Deal With Goods;\n Security Interest for Expenses.\n (1) A presenting bank which, following the dishonor of a documentary\ndraft, has seasonably requested instructions but does not receive them\nwithin a reasonable time may store, sell, or otherwise deal with the\ngoods in any reasonable manner.\n (2) For its reasonable expenses incurred by action under subsection\n(1) the presenting bank has a lien upon the goods or their proceeds,\nwhich may be foreclosed in the same manner as an unpaid seller's lien.\n
Status: in_force · Read it on the official government site
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