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13 Pa.C.S. § 4504

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

Known as the Uniform Commercial Code

The act spans §§ 13-1101 to 13-9809 (634 sections).

(July 9, 1992, P.L.507, No.97, eff. one year)

(a) Dealing with goods following dishonor of documentary draft.--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) Security interest for expenses.--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 lien of a seller.

Official source: Pennsylvania General Assembly. Reproduced from public-domain Pennsylvania statutes; confirm against the official source for the current text. Not legal advice.