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Can you summarize NVRS 104.3203?
Uniform Commercial CodeOriginal Articles > Transfer of instrument; rights acquired by transfer.
Short Summary
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the transfer of instruments and the rights acquired through such transfers. It defines the process of transferring an instrument and the rights that are transferred along with it. The section clarifies that the transferee acquires the transferor’s rights to enforce the instrument, including the rights of a holder in due course, unless the transferee engaged in fraud or illegality affecting the instrument. It also addresses the situation where an instrument is transferred for value but lacks endorsement by the transferor, providing the transferee with a specifically enforceable right to the unqualified endorsement. However, negotiation of the instrument does not occur until the endorsement is made. Additionally, the section states that if a transferor purports to transfer less than the entire instrument, negotiation of the instrument does not occur, and the transferee only obtains the rights of a partial assignee. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Persons involved in the transfer of commercial instruments
What does it govern?
Transfer of instruments and rights acquired by transfer
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada