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Section 6A-4-504 Privilege of presenting bank to deal with goods - Security interest for expenses.

RI Gen L § 6A-4-504 (2019) (N/A)
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§ 6A-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) 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.

History of Section. (P.L. 2000, ch. 238, § 4; P.L. 2000, ch. 421, § 4.)

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