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Can you summarize NHRS 382-A:3-502?
UNIFORM COMMERCIAL CODE > Dishonor.
Short Summary
This legal document governs the dishonor of notes and unaccepted drafts. It provides rules for determining when a note or draft is considered dishonored. The rules vary depending on whether the instrument is payable on demand or at a later date, and whether it is a note or a draft. The document also outlines the requirements for presentment of the instrument and the consequences of non-payment or non-acceptance. It applies to makers, payor banks, drawees, and acceptors of notes and drafts. The document does not mention any specific exemptions or penalties for non-compliance. Overall, it establishes the legal framework for handling dishonored notes and unaccepted drafts in accordance with the Uniform Commercial Code.
Whom does it apply to?
Makers, payor banks, drawees, and acceptors of notes and drafts
What does it govern?
Dishonor of notes and unaccepted drafts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Hampshire