Statutes > New York Statutes > UCC - Uniform Commercial Code > Article 4 - BANK DEPOSITS AND COLLECTIONS > Part 5 - (4-501 - 4-504) COLLECTION OF DOCUMENTARY DRAFTS > 4-504 - Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses.

4-504 - Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses.

Section 4--504. Privilege   of  Presenting  Bank  to  Deal  With  Goods;                    Security Interest for Expenses.    (1) A presenting bank which, 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.