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674.504

Privilege of presenting bank to deal with goods; security interest for expenses.

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674.504 Privilege of presenting bank to deal with goods; security interest for expenses.—
(1) 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.
(2) For its reasonable expenses incurred by action under subsection (1), 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.—s. 1, ch. 65-254; s. 48, ch. 92-82.
Note.—s. 4-504, U.C.C.

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