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Can you summarize MNST 336.4-504?
UNIFORM COMMERCIAL CODE > PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS; SECURITY INTEREST FOR EXPENSES.
Short Summary
(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. History: 1965 c 811 s 336.4-504; 1992 c 565 s 112
Jurisdiction
Minnesota