2010 Georgia Code
TITLE 11 - COMMERCIAL CODE
ARTICLE 4 - BANK DEPOSITS AND COLLECTIONS
PART 5 - COLLECTION OF DOCUMENTARY DRAFTS
§ 11-4-504 - Privilege of presenting bank to deal with goods; security interest for expenses
. 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) 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.
Graham Syfert - Jacksonville Lawyer