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

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.

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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.

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