Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses
810 ILCS 5/4-504
in effect(810 ILCS 5/4-504) (from Ch. 26, par. 4-504) Sec. 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: P.A. 87-582; 87-1135.)
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026