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.
History: 1962, Act 174, Eff. Jan. 1, 1964
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 4 - Bank Deposits and Collections (440.4101...440.4504)
174-1962-4-5 - Part 5 Collection of Documentary Drafts (440.4501...440.4504)
Section 440.4501 - Documentary Draft; Presentment, Notice of Dishonor.
Section 440.4504 - Documentary Draft; Presenting Bank's Right to Deal With Goods; Lien for Expenses.