Mich. Comp. Laws § 440.4504
Documentary draft; presenting bank's right to deal with goods; lien for expenses.
Michigan · Michigan Compiled Laws — UNIFORM COMMERCIAL CODE (Act 174 of 1962) · Status: effective
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- Citation
- Mich. Comp. Laws § 440.4504, Documentary draft; presenting bank's right to deal with goods; lien for expenses, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1362045
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Full text
(1) A presenting bank which, 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.
(2) For its reasonable expenses incurred by action under subsection (1) 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.