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Can you summarize NVRS 104.3118?
Uniform Commercial CodeOriginal Articles > Statute of limitations.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, establishes the statute of limitations for different types of commercial instruments and transactions. It specifies the time limits within which parties must commence legal actions to enforce payment obligations. The document covers notes payable at a definite time, notes payable on demand, unaccepted drafts, certified checks, teller’s checks, cashier’s checks, traveler’s checks, and certificates of deposit. The statute of limitations ranges from 3 to 10 years, depending on the type of instrument and the circumstances. It is important for parties involved in commercial transactions in Nevada to be aware of these time limits to protect their rights and ensure timely enforcement of payment obligations.
Whom does it apply to?
Parties involved in commercial transactions, including makers of notes, acceptors of drafts, issuers of certified checks, teller's checks, cashier's checks, traveler's checks, and certificates of deposit
What does it govern?
Statute of limitations for various types of commercial instruments and transactions
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No penalties are mentioned in this document
Jurisdiction
Nevada