Washington Code 62A.4-504 – Privilege of presenting bank to deal with goods; security interest for expenses
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(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.
Terms Used In Washington Code 62A.4-504
- Lien: A claim against real or personal property in satisfaction of a debt.
(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.
[ 1993 c 229 § 116; 1965 ex.s. c 157 § 4-504.]
NOTES:
Recovery of attorneys’ fees—Effective date—1993 c 229: See RCW 62A.11-111 and 62A.11-112.