N.Y. Uniform Commercial Code Law Section 4-504
Privilege of Presenting Bank to Deal With Goods

  • Security Interest for Expenses
Section 4--504. Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses.

(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.

Source: Section 4-504 — Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses, https://www.­nysenate.­gov/legislation/laws/UCC/4-504 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 4-504’s source at nysenate​.gov

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