N.Y. U.C.C. 4-504

Section 4--504. Privilege of Presenting Bank to Deal With Goods;\n Security Interest for Expenses.\n (1) A presenting bank which, following the dishonor of a documentary\ndraft, has seasonably requested instructions but does not receive them\nwithin a reasonable time may store, sell, or otherwise deal with the\ngoods in any reasonable manner.\n (2) For its reasonable expenses incurred by action under subsection\n(1) the presenting bank has a lien upon the goods or their proceeds,\nwhich may be foreclosed in the same manner as an unpaid seller's lien.\n