Privilege of presenting bank to deal with goods; security interest for expenses
Known as the Uniform Commercial Code
The act spans §§ 75–75 (480 sections).
Codes, 1942, § 41A:4-504; Laws, 1966, ch. 316, § 4-504; Laws, 1992, ch. 420, § 111, eff from and after January 1, 1993.
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.
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.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.