Delaware Code Title 6 Sec. 4-504 – Privilege of presenting bank to deal with goods; security interest …
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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 Delaware Code Title 6 Sec. 4-504
- Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (Section 8-102) or instructions for uncertificated securities (Section 8-102), 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 Delaware Code Title 6 Sec. 4-104
- 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.
5A Del. C. 1953, §§ ?4-504; 55 Del. Laws, c. 349; 70 Del. Laws, c. 86, § ?4;