Del. Code tit. 6 § 4-504

Current through 2024 Legislative Session Act Chapter 452
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.

6 Del. C. § 4-504

5A Del. C. 1953, § 4-504; 55 Del. Laws, c. 349; 70 Del. Laws, c. 86, § 4.;