Sec. 504. (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.
Formerly: Acts 1963, c.317, s.4-504. As amended by P.L.222-1993, SEC.45.
Structure Indiana Code
Article 1. Uniform Commercial Code
Chapter 4. Bank Deposits and Collections
26-1-4-102.5. Application of Bank Provisions to Supervised Financial Organizations
26-1-4-103. Variation by Agreement; Measure of Damages; Action Constituting Ordinary Care
26-1-4-104. Definitions and Index of Definitions
26-1-4-106. Payable Through or Payable at Bank; Collecting Bank
26-1-4-107. Separate Office of Bank
26-1-4-108. Time of Receipt of Items
26-1-4-110. Electronic Presentment
26-1-4-111. Statute of Limitations
26-1-4-202. Responsibility for Collection or Return; When Action Timely
26-1-4-203. Effect of Instructions
26-1-4-204. Methods of Sending and Presenting; Sending Directly to Payor Bank
26-1-4-205. Depositary Bank Holder of Unendorsed Items
26-1-4-206. Transfer Between Banks
26-1-4-207. Transfer Warranties
26-1-4-208. Presentment Warranties
26-1-4-209. Encoding and Retention Warranties
26-1-4-210. Security Interest of Collecting Bank in Items, Accompanying Documents, and Proceeds
26-1-4-211. When Bank Gives Value for Purposes of Holder in Due Course
26-1-4-213. Medium and Time of Settlement by Bank
26-1-4-214. Right of Charge-Back or Refund; Liability of Collecting Bank; Return of Item
26-1-4-216. Insolvency and Preference
26-1-4-302. Payor Bank's Responsibility for Late Return of Item
26-1-4-401. When Bank May Charge Customer's Account
26-1-4-403. Customer's Right to Stop Payment; Burden of Proof of Loss
26-1-4-404. Bank Not Obligated to Pay Check More Than Six Months Old
26-1-4-405. Death or Incompetence of Customer
26-1-4-406. Customer's Duty to Discover and Report Unauthorized Signature or Alteration
26-1-4-407. Payor Bank's Right to Subrogation on Improper Payment
26-1-4-502. Presentment of "On Arrival" Drafts
26-1-4-504. Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses