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Can you summarize IACO 554.4504?
UNIFORM COMMERCIAL CODE > Privilege of presenting bank to deal with goods security interest for expenses.
Short Summary
1.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. 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 sellers lien. [C66, 71, 73, 75, 77, 79, 81, 554.4504] 94 Acts, ch 1167, 116, 122
Jurisdiction
Iowa