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2019 California Code
Commercial Code - COM
DIVISION 4 - BANK DEPOSITS AND COLLECTIONS
CHAPTER 5 - Collection of Documentary Drafts
Section 4504.
Universal Citation: CA Com Code § 4504 (2019)
4504.
(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 subdivision (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.
(Amended by Stats. 1992, Ch. 914, Sec. 50. Effective January 1, 1993.)
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