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Can you summarize NHRS 382-A:3-503?
UNIFORM COMMERCIAL CODE > Notice of Dishonor.
Short Summary
This legal document, part of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the obligation of an indorser and drawer in commercial transactions. It states that the obligations of an indorser or drawer cannot be enforced unless they are given notice of dishonor of the instrument in compliance with this section, or if notice of dishonor is excused under Section 3-504(b). Notice of dishonor can be given by any person through various means, such as oral, written, or electronic communication, as long as it reasonably identifies the instrument and indicates that it has been dishonored or not paid or accepted. Return of an instrument given to a bank for collection is considered sufficient notice of dishonor. The document also specifies the timeframes within which notice of dishonor must be given, depending on whether the instrument is taken for collection by a collecting bank or any other instrument. No specific penalties are mentioned in this document.
Whom does it apply to?
Indorsers and drawers in commercial transactions
What does it govern?
Obligation of an indorser and drawer in commercial transactions
What are exemptions?
Notice of dishonor is excused under Section 3-504(b)
What are the Penalties?
No specific penalties mentioned
Jurisdiction
New Hampshire