O.C.G.A.

O.C.G.A. § 11-4-504 (2019)

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

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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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) of this Code section, 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

Code 1933, § 109A-4-504, enacted by

Ga. L. 1962, p. 156, § 1; Ga. L. 1996, p. 1306, § 14.

Annotations

RESEARCH REFERENCES Am. Jur. 2d. 11 Am. Jur. 2d, Banks and Financial Institutions, §§ 993, 996. 67 Am. Jur. 2d, Sales, § 38. C.J.S. 9 C.J.S., Banks and Banking, § 414 et seq.

U.L.A. Uniform Commercial Code (U.L.A.) § 4504.

ARTICLE 4A FUNDS TRANSFERS Part 1 Subject Matter and Definitions Sec.