Md. Code Ann., Com. Law § 4-504
Privilege of presenting bank to deal with goods; security interest for expenses
Effective Jan 1, 1997Added by Acts 1975, c. 49, § 2, eff. July 1, 1975. Amended by Acts 1996, c. 91, § 2, eff. Jan. 1, 1997.State of Maryland
- (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.
Added by Acts 1975, c. 49, § 2, eff. July 1, 1975. Amended by Acts 1996, c. 91, § 2, eff. Jan. 1, 1997.
Formerly Art. 95B, § 4-504.