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. (accessed Jun. 2, 2025).

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Last Updated

May 12, 2025

§ 4504’s source at ca.gov

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Location: https://california.public.law/codes/commercial_code_section_4504

Original Source: Section 4504, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=COM§ionNum=4504. (last accessed May 12, 2025).