LegalFix
Sign In

Section 12A:4-504 - Privilege of presenting bank to deal with goods; security interest for expenses

NJ Rev Stat § 12A:4-504 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

12A:4-504. 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. of this section, 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.

L.1995,c.28,s.2.

Previous Section
Section 12A:4-503 - Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need
Next Section
Section 12A:4A-101 - Short title