6 Del. C. § 4-504

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

Last amended: 1995Year: 2026Length: 74 wordsSubsections: 2Official source
(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 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 seller’s lien.
6 Del. C. § 4-504: Privilege of presenting bank to deal with goods; security interest for expenses. | Justis AI