Mass. Gen. Laws ch. 106, § 4-504 – Privilege of Presenting Bank to Deal with Goods; Security Interest for Expenses | Midpage
§ 4-504
Mass. Gen. Laws ch. 106, § 4-504
Privilege of Presenting Bank to Deal with Goods; Security Interest for Expenses
(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.