Section 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) 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.Tex. Bus. and Comm. Code § 4.504
Amended by Acts 1995, 74th Leg., ch. 921, Sec. 4, eff. 1/1/1996. Acts 1967, 60th Leg., p. 2343, ch. 785, Sec. 1, eff. 9/1/1967.