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

South Dakota Statutes

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

South Dakota·Title 57A UNIFORM COMMERCIAL CODE·Ch. 57A-4 BANK DEPOSITS AND COLLECTIONS

(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.

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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.

South Dakota § 57A-4-504 (Privilege of presenting bank to deal with goods--Security interest for expenses.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.