Idaho Code
Part 5 - COLLECTION OF DOCUMENTARY DRAFTS
Section 28-4-504 - PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS — SECURITY INTEREST FOR EXPENSES.

28-4-504. 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) of this section, 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.

History:
[28-4-504, added 1967, ch. 161, sec. 4-504, p. 351; am. 1993, ch. 288, sec. 45, p. 1074.]

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Structure Idaho Code

Idaho Code

Title 28 - COMMERCIAL TRANSACTIONS

Chapter 4 - UNIFORM COMMERCIAL CODE — BANK DEPOSITS AND COLLECTIONS

Part 5 - COLLECTION OF DOCUMENTARY DRAFTS

Section 28-4-501 - HANDLING OF DOCUMENTARY DRAFTS — DUTY TO SEND FOR PRESENTMENT AND TO NOTIFY CUSTOMER OF DISHONOR.

Section 28-4-502 - PRESENTMENT OF “ON ARRIVAL” DRAFTS.

Section 28-4-503 - RESPONSIBILITY OF PRESENTING BANK FOR DOCUMENTS AND GOODS — REPORT OF REASONS FOR DISHONOR — REFEREE IN CASE OF NEED.

Section 28-4-504 - PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS — SECURITY INTEREST FOR EXPENSES.