Privilege of presenting bank to deal with goods — Security interest for expenses
Known as the Uniform Commercial Code
The act spans §§ 4–4 (597 sections).
Acts 1961, No. 185, § 4-504; A.S.A. 1947, § 85-4-504; Acts 1991, No. 572, § 6.
(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.
(2) 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.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.