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Can you summarize NVRS 104.3106?
Uniform Commercial CodeOriginal Articles > Unconditional promise or order.
Short Summary
This legal document, part of the Nevada Revised Statutes, specifically falls under the Uniform Commercial CodeOriginal Articles. It governs the rules and regulations related to commercial instruments and transactions in Nevada. The document outlines the conditions for a promise or order to be considered unconditional, including the presence of express conditions to payment, references to other records, or statements of rights or obligations in another record. It clarifies that a reference to another record does not automatically make the promise or order conditional. The document also addresses specific scenarios where a promise or order is not made conditional, such as references to collateral, prepayment, acceleration, or limited payment sources. Additionally, it discusses the requirement of countersignature and its impact on the conditionality of the promise or order. The document further highlights that certain statements required by applicable statutory or administrative law do not make the promise or order conditional, but they prevent the instrument from being considered a holder in due course. Overall, this legal document provides guidance on the unconditional nature of promises and orders in commercial transactions in Nevada.
Whom does it apply to?
Persons involved in commercial instruments and transactions in Nevada
What does it govern?
Uniform Commercial CodeOriginal Articles
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada