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

SD Codified L § 57A-4-504 (2019) (N/A)
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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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§ 57A-4-503 Responsibility of presenting bank for documents and goods--Report of reasons for dishonor--Referee in case of need.
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