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Can you summarize NHRS 382-A:3-415?
UNIFORM COMMERCIAL CODE > Obligation of Indorser.
Short Summary
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the obligation of an indorser in the case of a dishonored instrument. According to this provision, if an instrument is dishonored, the indorser is obligated to pay the amount due on the instrument. The indorser is required to pay according to the terms of the instrument at the time it was indorsed, or if the indorser indorsed an incomplete instrument, according to its terms when completed. The obligation of the indorser is owed to a person entitled to enforce the instrument or to a subsequent indorser who paid the instrument. However, if an indorsement states that it is made ‘without recourse’ or otherwise disclaims liability, the indorser is not liable to pay the instrument. Additionally, if notice of dishonor is required and not given to an indorser, or if a draft is accepted by a bank after an indorsement is made, the liability of the indorser is discharged. Furthermore, if an indorser of a check is liable under this provision and the check is not presented for payment or given to a depositary bank for collection within 30 days after the indorsement was made, the liability of the indorser is discharged.
Whom does it apply to?
Indorsers of dishonored instruments
What does it govern?
Obligation of indorser
What are exemptions?
Indorsers who have stated that their indorsement is made 'without recourse' or otherwise disclaimed liability
What are the Penalties?
No specific penalties mentioned
Jurisdiction
New Hampshire