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Can you summarize NVRS 104.3108?
Uniform Commercial CodeOriginal Articles > Payable on demand or at definite time.
Short Summary
This legal document, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to the payment terms of commercial instruments. It defines the terms ‘payable on demand’ and ‘payable at a definite time’. A promise or order is considered ‘payable on demand’ if it explicitly states so, indicates that it is payable at the will of the holder, or does not specify any time of payment. On the other hand, a promise or order is ‘payable at a definite time’ if it becomes due after a specific period of time, at a fixed date or dates, or at a time or times that can be easily determined when the promise or order is issued. The document also clarifies that if an instrument is payable at a fixed date but can also be demanded before that date, it is considered payable on demand until the fixed date and becomes payable at a definite time if no demand is made before the fixed date.
Whom does it apply to?
Parties involved in commercial instruments and transactions governed by the Uniform Commercial CodeOriginal Articles in Nevada
What does it govern?
Payable on demand or at definite time
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada