{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/8.4-504.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/8.4-504.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/8.4-504.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/8.4-504.html"}],"law_id":378202,"edition_id":2,"section_id":378202,"structure_id":53742,"section_number":"8.4-504","catch_line":"Privilege of presenting bank to deal with goods; security interest for expenses","history":"1964, c. 219; 1992, c. 693.","full_text":"a\n\nA 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.\n\nb\n\nFor 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.\n\n","order_by":null,"text":{"0":{"id":1410905,"text":"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.","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"b"},"1":{"id":1410906,"text":"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.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a"}},"ancestry":[{"id":53742,"edition_id":2,"name":"Collection of Documentary Drafts","identifier":"5","label":"part","depth":2,"order_by":5,"parent_id":53737,"metadata":{"child_laws":4,"child_structures":0},"date_created":"2026-08-02 03:21:32","date_modified":"2026-08-02 12:28:33","permalink":{"id":1510171,"object_type":"structure","relational_id":53742,"identifier":"5","token":"8.4\/5","url":"\/8.4\/5\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53737,"edition_id":2,"name":"Commercial Code \u2014 Bank Deposits and Collections","identifier":"8.4","label":"title","depth":1,"order_by":21,"parent_id":null,"metadata":{"child_laws":45,"child_structures":5},"date_created":"2026-08-02 03:21:27","date_modified":"2026-08-02 12:28:32","permalink":{"id":1509997,"object_type":"structure","relational_id":53737,"identifier":"8.4","token":"8.4","url":"\/8.4\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":378199,"structure_id":53742,"section_number":"8.4-501","catch_line":"Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor","url":"\/8.4-501\/","token":"8.4\/5\/8.4-501","metadata":false},{"id":378200,"structure_id":53742,"section_number":"8.4-502","catch_line":"Presentment of \"on arrival\" drafts","url":"\/8.4-502\/","token":"8.4\/5\/8.4-502","metadata":false},{"id":378201,"structure_id":53742,"section_number":"8.4-503","catch_line":"Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need","url":"\/8.4-503\/","token":"8.4\/5\/8.4-503","metadata":false},{"id":378202,"structure_id":53742,"section_number":"8.4-504","catch_line":"Privilege of presenting bank to deal with goods; security interest for expenses","url":"\/8.4-504\/","token":"8.4\/5\/8.4-504","metadata":false}],"previous_section":{"id":378201,"structure_id":53742,"section_number":"8.4-503","catch_line":"Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need","url":"\/8.4-503\/","token":"8.4\/5\/8.4-503","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.4-504\/","history_text":"

This law was first created in 1964. The record of its establishment is cataloged in chapter 219 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1964 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1992, chapter 693.<\/p>","references":false,"refers_to":false,"permalink":{"id":1510185,"object_type":"law","relational_id":378202,"identifier":"8.4-504","token":"8.4\/5\/8.4-504","url":"\/8.4-504\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/8.4-504\/","token":"8.4\/5\/8.4-504","dublin_core":{"Title":"Privilege of presenting bank to deal with goods; security interest for expenses","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.4-504","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> A presenting bank<\/span> 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. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> For its reasonable expenses incurred by action under subsection (a), the presenting bank<\/span> has a lien<\/span> upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller’s lien<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS; SECURITY INTEREST FOR EXPENSES\n(\u00a7 8.4-504)\n\na. A presenting bank that, following the dishonor of a documentary draft, has\nseasonably requested instructions but does not receive them within a reasonable\ntime may store, sell, or otherwise deal with the goods in any reasonable manner.\n\nb. For its reasonable expenses incurred by action under subsection (a), the\npresenting bank has a lien upon the goods or their proceeds, which may be\nforeclosed in the same manner as an unpaid seller’s lien.\n\nHISTORY: 1964, c. 219; 1992, c. 693.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}