70A-4-504 - Privilege of presenting bank to deal with goods -- Security interest for expenses. - Utah Statutes

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Statutes > Utah > Title-70a > Chapter-04 > 70a-4-504

70A-4-504. Privilege of presenting bank to deal with goods -- Security interest forexpenses.
(1) A presenting bank that, following the dishonor of a documentary draft, has seasonablyrequested instructions but does not receive them within a reasonable time may store, sell, orotherwise deal with the goods in any reasonable manner.
(2) For its reasonable expenses incurred by action under Subsection (1) the presentingbank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner asan unpaid seller's lien.

Amended by Chapter 237, 1993 General Session

State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-04 > 70a-4-504

70A-4-504. Privilege of presenting bank to deal with goods -- Security interest forexpenses.
(1) A presenting bank that, following the dishonor of a documentary draft, has seasonablyrequested instructions but does not receive them within a reasonable time may store, sell, orotherwise deal with the goods in any reasonable manner.
(2) For its reasonable expenses incurred by action under Subsection (1) the presentingbank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner asan unpaid seller's lien.

Amended by Chapter 237, 1993 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-04 > 70a-4-504

70A-4-504. Privilege of presenting bank to deal with goods -- Security interest forexpenses.
(1) A presenting bank that, following the dishonor of a documentary draft, has seasonablyrequested instructions but does not receive them within a reasonable time may store, sell, orotherwise deal with the goods in any reasonable manner.
(2) For its reasonable expenses incurred by action under Subsection (1) the presentingbank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner asan unpaid seller's lien.

Amended by Chapter 237, 1993 General Session