Kentucky Statutes 355.4-504 – 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.
(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.
Effective: January 1, 1997
History: Amended 1996 Ky. Acts ch. 130, sec. 111, effective January 1, 1997 — Created 1958 Ky. Acts ch. 77, sec. 4-504, effective July 1, 1960.
(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.
Terms Used In Kentucky Statutes 355.4-504
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Draft: means a draft as defined in KRS §. See Kentucky Statutes 355.4-104
- Lien: A claim against real or personal property in satisfaction of a debt.
Effective: January 1, 1997
History: Amended 1996 Ky. Acts ch. 130, sec. 111, effective January 1, 1997 — Created 1958 Ky. Acts ch. 77, sec. 4-504, effective July 1, 1960.