Idaho Code 28-4-504 – Privilege of Presenting Bank to Deal With Goods — Security Interest for Expenses
Current as of: 2023 | Check for updates
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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.
(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.
Terms Used In Idaho Code 28-4-504
- Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (section 28-8-102) or instructions for uncertificated securities (section 28-8-102), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft;
Idaho Code 28-4-104Lien: A claim against real or personal property in satisfaction of a debt.