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Can you summarize NHRS 382-A:3-602?
UNIFORM COMMERCIAL CODE > Payment.
Short Summary
This legal document, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, specifically Chapter 382-A, governs the concept of payment in relation to instruments. It states that an instrument is considered paid when payment is made by or on behalf of a party obliged to pay the instrument to a person entitled to enforce it. This payment discharges the obligation of the party obliged to pay, even if there is a claim to the instrument by another person. However, there are exceptions to this discharge. The obligation to pay is not discharged if there is a claim enforceable against the party receiving payment and payment is made with knowledge that it is prohibited by court injunction or similar process, or if the instrument is known to be stolen and payment is made to a person in wrongful possession of it. The document does not mention any specific penalties for non-compliance or violations. Overall, this document provides guidelines and conditions for the payment of instruments and the discharge of obligations.
Whom does it apply to?
Parties obliged to pay the instrument and persons entitled to enforce the instrument
What does it govern?
Payment
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
New Hampshire