Statute · California Commercial Code
Cal. Com. Code § 4504 — Collection of Documentary Drafts
Cal. Com. Code § 4504
- Type
- Statute
- Source
- California Commercial Code
- Jurisdiction
- California
- Date
- 1993-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
(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.
Citator
Cal. Com. Code § 4504 — Collection of Documentary Drafts is in force in the current edition of the Code, and nothing recorded condemns it.
(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 subdivision (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.