Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses

1. Law
2. Georgia Code
3. Commercial Code
4. Bank Deposits and Collections
5. Collection of Documentary Drafts
6. Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses

1. 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.
2. For its reasonable expenses incurred by action under subsection (a) of this Code section, 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.

(Code 1933, § 109A-4 - 504, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 1996, p. 1306, § 14.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 11 Am. Jur. 2d, Banks and Financial Institutions, §§ 993, 996. 67 Am. Jur. 2d, Sales, § 38.

C.J.S.

- 9 C.J.S., Banks and Banking, § 414 et seq.

U.L.A.

- Uniform Commercial Code (U.L.A.) § 4-504.

CHAPTER 4A FUNDS TRANSFERS Part 1 Subject Matter and Definitions.

• 11-4A-101. Short title.
• 11-4A-102. Subject matter.
• 11-4A-103. Payment order - Definitions.
• 11-4A-104. Funds transfer - Definitions.
• 11-4A-105. Other definitions.
• 11-4A-106. Time payment order is received.
• 11-4A-107. Federal Reserve regulations and operating circulars.
• 11-4A-108. Relationship to federal Electronic Fund Transfer Act.

Part 2 Issue and Acceptance of Payment Order.

• 11-4A-201. Security procedure.
• 11-4A-202. Authorized and verified payment orders.
• 11-4A-203. Unenforceability of certain verified payment orders.
• 11-4A-204. Refund of payment and duty of customer to report with respect to unauthorized payment order.
• 11-4A-205. Erroneous payment orders.
• 11-4A-206. Transmission of payment order through funds-transfer or other communication system.
• 11-4A-207. Misdescription of beneficiary.
• 11-4A-208. Misdescription of intermediary bank or beneficiary's bank.
• 11-4A-209. Acceptance of payment order.
• 11-4A-210. Rejection of payment order.
• 11-4A-211. Cancellation and amendment of payment order.
• 11-4A-212. Liability and duty of receiving bank regarding unaccepted payment order.

Part 3 Execution of Sender's Payment Order by Receiving Bank.

• 11-4A-301. Execution and execution date.
• 11-4A-302. Obligations of receiving bank in execution of payment order.
• 11-4A-303. Erroneous execution of payment order.
• 11-4A-304. Duty of sender to report erroneously executed payment order.
• 11-4A-305. Liability for late or improper execution or failure to execute payment order.

Part 4 Payment.

• 11-4A-401. Payment date.
• 11-4A-402. Obligation of sender to pay receiving bank.
• 11-4A-403. Payment by sender to receiving bank.
• 11-4A-404. Obligation of beneficiary's bank to pay and give notice to beneficiary.
• 11-4A-405. Payment by beneficiary's bank to beneficiary.
• 11-4A-406. Payment by originator to beneficiary; discharge of underlying obligation.

Part 5 Miscellaneous Provisions.

• 11-4A-501. Variation by agreement and effect of funds-transfer system rule.
• 11-4A-502. Creditor process served on receiving bank; setoff by beneficiary's bank.
• 11-4A-503. Injunction or restraining order with respect to funds transfer.
• 11-4A-504. Order in which items and payment orders may be charged to account; order of withdrawals from account.
• 11-4A-505. Preclusion of objection to debit of customer's account.
• 11-4A-506. Rate of interest.
• 11-4A-507. Choice of law.

Law reviews.

- For note on 1992 enactment of this article, see 9 Ga. St. U.L. Rev. 163 (1992).

RESEARCH REFERENCES

ALR.

- Construction and application to immediate parties of Uniform Commercial Code Article 4A governing funds transfers, 62 A.L.R. 6th 1.

PART 1 SUBJECT MATTER AND DEFINITIONS

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