                                 CODE OF VIRGINIA

PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS; SECURITY INTEREST FOR EXPENSES
(§ 8.4-504)

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&#8217;s lien.

HISTORY: 1964, c. 219; 1992, c. 693.