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Can you summarize Chapter 62 NERS?
Nebraska Revised Statutes > NEGOTIABLE INSTRUMENTS
Short Summary
The first legal document governs holidays and bank closures in Nebraska. It specifies the holidays recognized by the Uniform Commercial Code and section 62-301.01, and allows banks to restrict their business hours and close on Saturdays. If a holiday falls on a Sunday, the following Monday is observed. Banks can remain open in a limited fashion on their designated holidays for the convenience of customers. The definition of ‘bank’ includes various financial institutions. The second legal provision pertains to promissory notes or other negotiable instruments involving patent rights. It requires these instruments to have the words ‘given for a patent right’ written or printed prominently and legibly across the face. Purchasers or holders of these instruments will be subject to the same defenses as the original owner or holder, even if the words ‘given for a patent right’ are not present. The third legal document governs the negotiation of tuition notes or contracts of business colleges. It sets conditions for contracting and receiving negotiable notes or contracts for tuition or scholarships, including specific printing requirements and delivery of a copy of the instrument to the makers. Non-compliance with these conditions may result in the note or contract being void. Violating the provisions of section 62-303 related to the negotiation of tuition notes or contracts of business colleges is deemed a Class III misdemeanor.
Whom does it apply to?
Banks, financial institutions, purchasers or holders of negotiable instruments involving patent rights, business colleges or the business or commercial department of any school
What does it govern?
Holidays and bank closures, promissory notes or other negotiable instruments involving patent rights, negotiation of tuition notes or contracts of business colleges
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
For violating the provisions of section 62-303 related to the negotiation of tuition notes or contracts of business colleges, a person shall be deemed guilty of a Class III misdemeanor.
Jurisdiction
Nebraska