Privilege of presenting bank to deal with goods; security interest for expenses.

  1. Law
  2. South Carolina Code of Laws
  3. Commercial Code
  4. Commercial Code - Bank Deposits And Collections
  5. Privilege of presenting bank to deal with goods; security interest for expenses.

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(a) 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.

(b) 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.

HISTORY: 1962 Code Section 10.4-504; 1966 (54) 2716; 2008 Act No. 204, Section 3, eff July 1, 2008.


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