Oregon Statutes 74.5040 – Privilege of presenting bank to deal with goods; security interest for expenses
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(1) 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 Oregon Statutes 74.5040
- Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities defined in ORS § 78. See Oregon Statutes 74.1040
- Lien: A claim against real or personal property in satisfaction of a debt.
(2) For its reasonable expenses incurred by action under subsection (1) of this section 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. [1961 c.726 § 74.5040; 1993 c.545 § 113]