South Dakota Codified Laws
Chapter 04 - Bank Deposits And Collections
Section 57A-4-504 - 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, ยง4-504.

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Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 57A - Uniform Commercial Code

Chapter 04 - Bank Deposits And Collections

Section 57A-4-101 - Short title.

Section 57A-4-102 - Applicability.

Section 57A-4-103 - Variation by agreement--Measure of damages--Certain action constituting ordinary care.

Section 57A-4-104 - Definitions and index of definitions.

Section 57A-4-105 - "Bank"--"Collecting bank"--"Depositary bank"--"Intermediary bank"--"Payor bank"--"Presenting bank".

Section 57A-4-106 - Payable through or payable at bank--Collecting bank.

Section 57A-4-107 - Separate office of a bank.

Section 57A-4-108 - Time of receipt of items.

Section 57A-4-109 - Delays.

Section 57A-4-110 - Electronic presentment.

Section 57A-4-111 - Statute of limitations.

Section 57A-4-201 - Status of collecting bank as agent and provisional status of credits--Applicability of chapter--Item indorsed "pay any bank".

Section 57A-4-202 - Responsibility for collection or return--When action timely.

Section 57A-4-203 - Effect of instructions.

Section 57A-4-204 - Methods of sending and presenting--Sending directly to payor bank.

Section 57A-4-205 - Depositary bank holder of unendorsed item.

Section 57A-4-206 - Transfer between banks.

Section 57A-4-207 - Transfer warranties.

Section 57A-4-208 - Presentment warranties.

Section 57A-4-209 - Encoding and retention warranties.

Section 57A-4-210 - Security interest of collecting bank in items, accompanying documents, and proceeds.

Section 57A-4-211 - When bank gives value for purposes of holder in due course.

Section 57A-4-212 - Presentment by notice of item not payable by, through, or at a bank--Liability of drawer or indorser.

Section 57A-4-213 - Medium and time of settlement by bank.

Section 57A-4-214 - Right of charge-back or refund; Liability of collecting bank; Return of item.

Section 57A-4-215 - Final payment of item by payor bank--When provisional debits and credits become final--When certain credits become available for withdrawal.

Section 57A-4-216 - Insolvency and preference.

Section 57A-4-301 - Deferred posting--Recovery of payment by return of items--Time of dishonor--Return of items by payor bank.

Section 57A-4-302 - Payor bank's responsibility for late return of item.

Section 57A-4-303 - When items subject to notice, stop-payment order, legal process, or setoff--Order in which items may be charged or certified.

Section 57A-4-401 - When bank may charge customer's account.

Section 57A-4-402 - Bank's liability to customer for wrongful dishonor--Time of determining insufficiency of account.

Section 57A-4-403 - Customer's right to stop payment--Burden of proof of loss.

Section 57A-4-404 - Bank not obligated to pay check more than six months old.

Section 57A-4-405 - Death or incompetence of customer.

Section 57A-4-406 - Customer's duty to discover and report unauthorized signature or alteration.

Section 57A-4-407 - Payor bank's right to subrogation on improper payment.

Section 57A-4-501 - Handling of documentary drafts; Duty to send for presentment and to notify customer of dishonor.

Section 57A-4-502 - Presentment of "on arrival" drafts.

Section 57A-4-503 - Responsibility of presenting bank for documents and goods--Report of reasons for dishonor--Referee in case of need.

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