North Dakota Code 41-04-42 – (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.
Terms Used In North Dakota Code 41-04-42
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Lien: A claim against real or personal property in satisfaction of a debt.
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.