Commercial Code section 4504

(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 subdivision (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.

Source: Section 4504, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=COM§ionNum=4504.­ (updated Jan. 1, 1993; accessed Jun. 25, 2025).

Green check means up to date. Up to date

Verified:
Jun. 25, 2025

§ 4504's source at ca​.gov