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Fla. Stat. § 674.504

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

Known as the Uniform Commercial Code

The act spans §§ 674–674 (41 sections).

History.--s. 1, ch. 65-254; s. 48, ch. 92-82

(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 (1), 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: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.