Privilege of presenting bank to deal with goods -- Security interest for expenses.
Utah Code § 70A-4-504
in effect70A-4-504. Privilege of presenting bank to deal with goods -- Security interest for expenses.
(1) 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.
(2) For its reasonable expenses incurred by action under Subsection (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.
Amended by Chapter 237, 1993 General Session
Source: Utah Office of Legislative Research and General Counsel (le.utah.gov)URL: https://le.utah.gov/xcode/Title70A/Chapter4/70A-4-S504.html?v=C70A-4-S504_1800010118000101Fetched: 10/26/2026