Ask Reggi Your Question Now
Can you summarize NVRS 104.3104?
Uniform Commercial CodeOriginal Articles > Negotiable instrument.
Short Summary
This legal document, part of the Nevada Revised Statutes, falls under the Uniform Commercial CodeOriginal Articles. It defines and governs negotiable instruments, which are unconditional promises or orders to pay a fixed amount of money. To be considered negotiable, the instrument must be payable to bearer or order, payable on demand or at a definite time, and not contain any other undertakings or instructions beyond the payment of money. The document also provides definitions for related terms such as checks, cashier’s checks, teller’s checks, traveler’s checks, and certificates of deposit. It clarifies that an instrument may be treated as either a note or a draft if it falls within the definitions of both. The document does not specify any penalties for non-compliance or violations. Overall, it establishes the criteria and characteristics of negotiable instruments and provides clarity on related terms and concepts.
Whom does it apply to?
Holders and issuers of negotiable instruments
What does it govern?
Negotiable instruments
What are exemptions?
An instrument that contains a statement indicating it is not negotiable or not governed by this article
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Nevada