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Can you summarize NHRS 382-A:3-417?
UNIFORM COMMERCIAL CODE > Presentment Warranties.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, establishes presentment warranties in commercial transactions. It applies to drawees, persons obtaining payment or acceptance, previous transferors of the draft, drawers, indorsers, and parties obliged to pay the instrument. The document outlines the warranties that the person obtaining payment or acceptance and the previous transferor of the draft make to the drawee. These warranties include being entitled to enforce the draft, no alteration of the draft, no knowledge of unauthorized signature of the drawer, and authorization of creation for demand drafts. The document also specifies the rights of the drawee to recover damages for breach of warranty, the defenses that the warrantor may use, and the time limits for asserting a claim for breach of warranty. The warranties stated in subsections (a) and (d) cannot be disclaimed with respect to checks. Non-compliance with the warranties may result in damages, expenses, and loss of interest for the warrantor.
Whom does it apply to?
Drawees, persons obtaining payment or acceptance, previous transferors of the draft, drawers, indorsers, parties obliged to pay the instrument
What does it govern?
Presentment Warranties
What are exemptions?
The warranties stated in subsections (a) and (d) cannot be disclaimed with respect to checks.
What are the Penalties?
Damages for breach of warranty equal to the amount paid by the drawee less the amount received or entitled to receive from the drawer, plus compensation for expenses and loss of interest resulting from the breach.
Jurisdiction
New Hampshire