554.4504  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.
[C66, 71, 73, 75, 77, 79, 81, §554.4504]
94 Acts, ch 1167, §116, 122