47-4-504 - Privilege of presenting bank to deal with goods Security interest for expenses. - Tennessee Statutes

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47-4-504. 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.

[Acts 1963, ch. 81, § 1 (4-504); 1995, ch. 397, § 3.]

State Codes and Statutes

Statutes > Tennessee > Title-47 > Chapter-4 > Part-5 > 47-4-504

47-4-504. 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.

[Acts 1963, ch. 81, § 1 (4-504); 1995, ch. 397, § 3.]

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State Codes and Statutes

Statutes > Tennessee > Title-47 > Chapter-4 > Part-5 > 47-4-504

47-4-504. 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.

[Acts 1963, ch. 81, § 1 (4-504); 1995, ch. 397, § 3.]