Sec. 42a-4-504. Privilege of presenting bank to deal with goods; security interest for expenses. - Connecticut Statutes

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Statutes > Connecticut > Title42a > Art004 > Sec42a-4-504

      Sec. 42a-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.

      (1959, P.A. 133, S. 4-504; P.A. 91-304, S. 107.)

      History: P.A. 91-304 made a minor change in wording and replaced numeric with alphabetic Subsec. indicators.

State Codes and Statutes

Statutes > Connecticut > Title42a > Art004 > Sec42a-4-504

      Sec. 42a-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.

      (1959, P.A. 133, S. 4-504; P.A. 91-304, S. 107.)

      History: P.A. 91-304 made a minor change in wording and replaced numeric with alphabetic Subsec. indicators.

State Codes and Statutes

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State Codes and Statutes

Statutes > Connecticut > Title42a > Art004 > Sec42a-4-504

      Sec. 42a-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.

      (1959, P.A. 133, S. 4-504; P.A. 91-304, S. 107.)

      History: P.A. 91-304 made a minor change in wording and replaced numeric with alphabetic Subsec. indicators.