Ask Reggi Your Question Now
Can you summarize NVRS 104.3109?
Uniform Commercial CodeOriginal Articles > Payable to bearer or to order.
Short Summary
This legal document, part of the Nevada Revised Statutes, pertains to commercial instruments and transactions governed by the Uniform Commercial CodeOriginal Articles. It outlines the rules regarding the payability of a promise or order. A promise or order is considered payable to bearer if it explicitly states so, does not mention a payee, or indicates that it is payable to cash or not to an identified person. On the other hand, a promise or order that is not payable to bearer is considered payable to order if it is payable to the order of an identified person or to an identified person or order. The document also explains that an instrument payable to bearer can become payable to an identified person if it is specially endorsed, while an instrument payable to an identified person can become payable to bearer if it is endorsed in blank. This legal document provides the necessary guidelines for determining the payability of promises or orders in commercial transactions.
Whom does it apply to?
Persons involved in commercial instruments and transactions
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