Me. Rev. Stat. tit. 11, § 4-504

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

Known as the Uniform Commercial Code

The act spans §§ 2–9 (548 sections).

PL 1993, c. 293, §B48 (AMD).

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