N.Y. U.C.C. Law § 4-504

Current through 2024 NY Law Chapters 1-59 and 61-118
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.

N.Y. U.c.c. Law § 4-504