Utah Code 70A-4-504. 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 Utah Code 70A-4-504
- Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities as provided in Section
70A-8-101 , instructions for uncertificated securities as provided in Section70A-8-101 , other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft. See Utah Code 70A-4-104 - Lien: A claim against real or personal property in satisfaction of a debt.
(2) For its reasonable expenses incurred by action under Subsection (1) 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.