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Can you summarize NHRS 382-A:4-207?
UNIFORM COMMERCIAL CODE > Transfer Warranties.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the transfer warranties related to the transfer of items and the obligations of customers and collecting banks. It states that a customer or collecting bank transferring an item and receiving settlement or other consideration warrants to the transferee and subsequent collecting banks that they are entitled to enforce the item, all signatures on the item are authentic and authorized, the item has not been altered, the item is not subject to a defense or claim in recoupment, the warrantor has no knowledge of any insolvency proceeding, and if the item is a demand draft, its creation was authorized by the drawer. If an item is dishonored, the customer or collecting bank transferring the item and receiving settlement or other consideration is obliged to pay the amount due on the item according to its terms. The warranties cannot be disclaimed with respect to checks. A person who took the item in good faith and to whom the warranties were made may recover damages for breach of warranty. Notice of a claim for breach of warranty must be given within 30 days. The warranty in paragraph (6) of subsection (a) is not given to certain transferors or prior collecting banks. No specific penalties are mentioned in this document.
Whom does it apply to?
Customers, collecting banks, transferees, subsequent collecting banks
What does it govern?
Transfer Warranties
What are exemptions?
The warranties stated in subsection (a) cannot be disclaimed with respect to checks.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
New Hampshire