Privilege of presenting bank to deal with goods; security interest for expenses.

13 Pa.C.S. § 4504
in effect
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(a) Dealing with goods following dishonor of documentary draft.--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) Security interest for expenses.--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 lien of a seller. (July 9, 1992, P.L.507, No.97, eff. one year) DIVISION 4A FUNDS TRANSFERS Chapter 4A1. Subject Matter and Definitions 4A2. Issue and Acceptance of Payment Order 4A3. Execution of Sender's Payment Order by Receiving Bank 4A4. Payment 4A5. Miscellaneous Provisions Enactment. Division 4A was added July 9, 1992, P.L.507, No.97, effective in one year.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM&ttl=13Fetched: 10/16/2026
13 Pa.C.S. § 4504 — Privilege of presenting bank to deal with goods; security interest for expenses | Pennsylvania Consolidated Statutes (Aug. 2026 snapshot) | Corpus