Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
336.4-504 PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS; SECURITY
INTEREST FOR EXPENSES.
(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.
History: 1965 c 811 s 336.4-504; 1992 c 565 s 112
INTEREST FOR EXPENSES.
(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.
History: 1965 c 811 s 336.4-504; 1992 c 565 s 112
Official Publication of the State of Minnesota
Revisor of Statutes