Statute · New York Uniform Commercial Code

N.Y. U.C.C. Law § 4-504 — Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses

N.Y. U.C.C. Law § 4-504

Type: Statute
Source: New York Uniform Commercial Code
Jurisdiction: New York
Current through: Nov 4, 2026 (NY Senate Open Legislation)

Section 4--504. Privilege of Presenting Bank to Deal With Goods;

Citator

N.Y. U.C.C. Law § 4-504 — Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses is in force in the current edition of the Code, and nothing recorded condemns it.

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.