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A.R.S. § 47-4504

Privilege of presenting bank to deal with goods; security interest for expenses

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.

Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.