(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.
South Carolina Legal Code