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2017 Tennessee Code
Title 47 - Commercial Instruments and Transactions
Chapter 4 - Bank Deposits and Collections
Part 5 - Collection of Documentary Drafts
§ 47-4-504. Privilege of presenting bank to deal with goods -- Security interest for expenses.
Universal Citation: TN Code § 47-4-504 (2017)
- (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.
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