Arizona Laws 47-4504. 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 Arizona Laws 47-4504
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (section 47-8102) or instructions for uncertificated securities (section 47-8102) or other certificates, statements or the like are to be received by the drawee or other payor before acceptance or payment of the draft. See Arizona Laws 47-4104
- 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.