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

13 PA Cons Stat § 4504 (2019) (N/A)
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§ 4504. Privilege of presenting bank to deal with goods;

security interest for expenses.

(a) Dealing with goods following dishonor of documentary draft.--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) Security interest for expenses.--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 lien of a seller. (July 9, 1992, P.L.507, No.97, eff. one year)

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