§ 8.4-504. Privilege of presenting bank to deal with goods; security interest for expenses

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Code of Virginia
Title 8.4. Commercial Code — Bank Deposits and Collections
Part 5. Collection of Documentary Drafts

9/28/2023

§ 8.4-504. 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.

1964, c. 219; 1992, c. 693.