Privilege of presenting bank to deal with goods--Security interest for expenses.

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2. South Dakota Codified Laws
3. Uniform Commercial Code
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5. Privilege of presenting bank to deal with goods--Security interest for expenses.

57A-4-504. Privilege of presenting bank to deal with goods--Security interest for expenses.

(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.

Source: SL 1994, ch 368, §4-504.

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