For AI agents: read the machine-readable documentation index at /llms.txt or the single-file full reference at /llms-full.txt.
Form a Business

Documentary draft; presenting bank's right to deal with goods; lien for expenses.

MCL 440.4504
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
440.4504. Documentary draft; presenting bank's right to deal with goods; lien for expenses. Sec. 4504. (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 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. 1962, Act 174, Eff. Jan. 1, 1964
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-440-4504Fetched: 10/20/2026

Starting a business in Michigan? Michigan LLC guide: costs and requirements