Privilege of presenting bank to deal with goods — Security interest for expenses

Tenn. Code Ann. § 47-4-504, under Collection of Documentary Drafts.

Tenn. Code Ann. § 47-4-504

(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.