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2011 Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 4: BANK DEPOSITS AND COLLECTIONS
11 §4-504. Privilege of presenting bank to deal with goods; security interest for expenses
Universal Citation:
11 ME Rev Stat § 4-504 (2011 through 125th Legis)
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Part 5: COLLECTION OF DOCUMENTARY DRAFTS
§4-504. Privilege of presenting bank to deal with goods; security interest for expenses
(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.
[ 1993, c. 293, Pt. B, §48 (AMD) .]
(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.
SECTION HISTORY
1993, c. 293, §B48 (AMD).
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