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

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 4. Bank Deposits and Collections (Refs & Annos)
Part 5. Collection of Documentary Drafts
12A Okl.St.Ann. § 4-504
§ 4-504. Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses
Currentness
PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS; SECURITY INTEREST FOR EXPENSES
(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) of this section, 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.

Credits

Laws 1991, c. 117, § 133, eff. Jan. 1, 1992.
12A Okl. St. Ann. § 4-504, OK ST T. 12A § 4-504
Current with emergency effective legislation through Chapter 125 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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