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§ 4504. Privilege of presenting bank to deal with goods; security interest for expenses

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 4. Bank Deposits and Collections (Refs & Annos)
Chapter 45. Collection of Documentary Drafts
13 Pa.C.S.A. § 4504
§ 4504. Privilege of presenting bank to deal with goods; security interest for expenses
Currentness
(a) Dealing with goods following dishonor of documentary draft.--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) Security interest for expenses.--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 lien of a seller.

Credits

1979, Nov. 1, P.L. 255, No. 86, § 1, effective Jan. 1, 1980. Amended 1992, July 9, P.L. 507, No. 97, § 14, effective in one year.
13 Pa.C.S.A. § 4504, PA ST 13 Pa.C.S.A. § 4504
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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