Michigan § 440.4504 - Documentary draft; presenting bank's right to deal with goods; lien for expenses.
Full text of Michigan Michigan Compiled Laws § 440.4504 — Documentary draft; presenting bank's right to deal with goods; lien for expenses., with citation guidance and answers to common questions.
§ 440.4504. Documentary draft; presenting bank's right to deal with goods; lien for expenses.
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.
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.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 440.4504
What does Michigan Compiled Laws § 440.4504 cover?
Section 440.4504 ("Documentary draft; presenting bank's right to deal with goods; lien for expenses.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 440.4504?
A common citation format is "Michigan Compiled Laws § 440.4504" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 440.4504 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.