Privilege of Presenting Bank to Deal with Goods; Security

Interest for Expenses.

(1)A presenting bank which, 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.

(2)For its reasonable expenses incurred by action under subdivision

(1)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. ---------- COL120106