Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 336
Special remedies where property is deposited
Banking (BNK) CHAPTER 2, ARTICLE 8-A
§ 336. Special remedies where property is deposited. 1. Every banking
organization, foreign banking corporation or national banking
association authorized to receive personal property upon deposit for
safe-keeping or as bailee for storage, and which shall have received any
such property and shall have issued a receipt therefor, shall have the
remedies of a warehouseman as to such property, and the banking
organization, foreign banking corporation or national banking
association shall have a lien on such deposits or the proceeds thereof
to the same extent and with the same effect, and enforceable in the same
manner, as is provided by article seven of the uniform commercial code.

2. A banking organization, foreign banking corporation or national
banking association holding personal property upon deposit for which a
receipt was issued by a predecessor in interest may have the remedies
provided by this section.

3. The provisions of this section shall not preclude any other remedy
by action or otherwise for the enforcement of the claim of the banking
organization, foreign banking corporation or national banking
association against the person from whom personal property has been
received upon deposit and to whom a receipt shall have been issued
therefor, nor bar the right of the banking organization, foreign banking
corporation or national banking association to recover the debt due it
in any other lawful manner.