4-4-504. Privilege of presenting bank to deal with goods — Security interest for expenses.

Arkansas Code — all titles (historical 2020) · legal_authorities

4-4-504. Privilege of presenting bank to deal with goods — Security interest for expenses.

4-4-504. 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.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-4-504

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.