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Can you summarize NHRS 382-A:3-310?
UNIFORM COMMERCIAL CODE > Effect of Instrument on Obligation for Which Taken.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the effect of different types of instruments on obligations. If a certified check, cashier’s check, or teller’s check is taken for an obligation, the obligation is discharged to the same extent as if an equivalent amount of money was taken in payment. However, the obligor may still have liability as an indorser of the instrument. If a note or an uncertified check is taken, the obligation is suspended until the instrument is dishonored, paid, or certified. Payment or certification of the instrument results in discharge of the obligation to the extent of the instrument’s amount. If the instrument is dishonored and the obligee is the person entitled to enforce it, they may enforce either the instrument or the obligation. If the person entitled to enforce the instrument is someone other than the obligee, the obligee may not enforce the obligation to the extent it is suspended. If an instrument other than those mentioned is taken, the effect depends on whether a bank is liable as maker or acceptor. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Parties involved in taking certified checks, cashier's checks, teller's checks, notes, or uncertified checks for obligations
What does it govern?
Effect of Instrument on Obligation for Which Taken
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire