Pennsylvania Consolidated Statutes (Last Updated: January 27, 2015) |
Title13 COMMERCIAL CODE |
DIVISION4. BANK DEPOSITS AND COLLECTIONS |
CHAPTER45. COLLECTION OF DOCUMENTARY DRAFTS |
§4504. Privilege of presenting bank to deal with goods; security interest for expenses.
Latest version.
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(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)