Tennessee Code 47-4-504 – Privilege of presenting bank to deal with goods – Security interest for expenses

(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.

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Terms Used In Tennessee Code 47-4-504

Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (§. See Tennessee Code 47-4-104
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.

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Tennessee Code 47-4-504 – Privilege of presenting bank to deal with goods – Security interest for expenses

Terms Used In Tennessee Code 47-4-504

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