§ 75-4-504. Privilege of presenting bank to deal with goods; security interest for expenses

MS Code § 75-4-504 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(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.