Alaska Statutes.
Title 45. Trade and Commerce
Chapter 4. Bank Deposits and Collections
Section 504. Privilege of Presenting Bank to Deal With Goods; Security Interest For Expenses.
previous: Section 503. Responsibility of Presenting Bank For Documents and Goods; Report of Reasons For Dishonor; Referee in Case of Need.
next: Chapter 5. Letters of Credit

AS 45.04.504. Privilege of Presenting Bank to Deal With Goods; Security Interest For Expenses.

(a) A presenting bank that, following the dishonor of a documentary draft, seasonably requests instructions but does not receive them within a reasonable time, may store, sell, or otherwise deal with the goods in a reasonable manner.

(b) For its reasonable expenses incurred by action under (a) of this section, 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.

All content © 2008 by Touch N' Go/Bright Solutions, Inc.

Note to HTML Version:

This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.