State Codes and Statutes

State Codes and Statutes

Statutes > Arizona > Title47 > 47-4504

47-4504. 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 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.