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: 1953 Comp., § 50A-4-504, enacted by Laws 1961, ch. 96, § 4-504; 1992, ch. 114, § 196.