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§ 47-4504 Privilege of presenting bank to deal with goods; security interest for expenses

AZ Rev Stat § 47-4504 (2019) (N/A)
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47-4504. Privilege of presenting bank to deal with goods; security interest for expenses

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 subsection 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.

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§ 47-4503 Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need
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