There is a newer version
of
this Section
2022 Arizona Revised Statutes
Title 47 - Uniform Commercial Code
§ 47-4504 - Privilege of presenting bank to deal with goods; security interest for expenses
Universal Citation:
AZ Rev Stat § 47-4504 (2022)
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
47-4504. 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.
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.
Disclaimer: These codes may not be the most recent version. Arizona may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
