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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>378202</law_id><section_number>8.4-504</section_number><catch_line>Privilege of presenting bank to deal with goods; security interest for expenses</catch_line><edition url="https://vacode.org/2026/" slug="2026" current="TRUE" last_updated="2026-08-02">2026</edition><structure><unit label="title" level="1" order_by="21" identifier="8.4">Commercial Code &#x2014; Bank Deposits and Collections</unit><unit label="part" level="2" order_by="5" identifier="5">Collection of Documentary Drafts</unit></structure><text>
						<section id="a"><p><span class="prefix-number">a.</span> A <span class="dictionary">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. <a id="paragraph-1410905" class="section-permalink" href="https://vacode.org/8.4-504/#a"><i class="fa fa-link"/></a></p></section>
						<section id="b"><p><span class="prefix-number">b.</span> For its reasonable expenses incurred by action under subsection (a), the <span class="dictionary">presenting bank</span> has a <span class="dictionary">lien</span> upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller&#x2019;s <span class="dictionary">lien</span>. <a id="paragraph-1410906" class="section-permalink" href="https://vacode.org/8.4-504/#b"><i class="fa fa-link"/></a></p></section></text><history>1964, c. 219; 1992, c. 693.</history><metadata></metadata></law>
