Tex. Business & Commerce Code § 4.504
PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS; SECURITY INTEREST FOR EXPENSES
Texas · Texas Business & Commerce Code · Status: effective
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- Tex. Business & Commerce Code § 4.504, PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS; SECURITY INTEREST FOR EXPENSES, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/630053
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Full text
(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.