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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.

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

(a) A presenting bank which, 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.

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Last modified 9/3/2005