La. R.S. 10:4-504

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

Known as the Uniform Commercial Code

The act spans §§ 10–10 (238 sections).

Acts 1992, No. 1133, §4, eff

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