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2017 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 45 - Collection of Documentary Drafts
Section 4504 - Privilege of presenting bank to deal with goods; security interest for expenses
Universal Citation: 13 PA Cons Stat § 4504 (2017)
§ 4504. Privilege of presenting bank to deal with goods;
security interest for expenses.
(a) Dealing with goods following dishonor of documentary draft.--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) Security interest for expenses.--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 lien of a seller. (July 9, 1992, P.L.507, No.97, eff. one year)
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