N.J.S.A. 12A:4-504 — Privilege of presenting bank to deal with goods; security interest for expenses

12A:4-504. 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. L.1995,c.28,s.2.

This is the verbatim text of N.J.S.A. 12A:4-504, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.