N.Y. Uniform Commercial Code Law § 4-504: Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses

Section 4--504. Privilege of Presenting Bank to Deal With Goods;

Security Interest for Expenses.

(1) A presenting bank which, 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 seller's lien.