Ariz. Rev. Stat. § 47-4504

Current through L. 2024, ch. 259
Section 47-4504 - Privilege of presenting bank to deal with goods; security interest for expenses
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.

A.R.S. § 47-4504