Cal. Com. Code § 4504

Current through the 2023 Legislative Session.
Section 4504 - 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 subdivision (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.

Ca. Com. Code § 4504

Amended by Stats. 1992, Ch. 914, Sec. 50. Effective January 1, 1993.