Public-domain · open source
OpenJurist

Cal. Com. Code § 4504

Collection of Documentary Drafts

Known as the Uniform Commercial Code

The act spans §§ 1101–12107 (623 sections).

Amended by Stats. 1992, Ch. 914, Sec. 50

(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 subdivision (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: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.