S.C. Code Ann. § 36-4-504

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

Known as the Uniform Commercial Code

The act spans §§ 36–36 (519 sections).

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

(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.

Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.