Ask Reggi Your Question Now
Can you summarize NVRS 104.3302?
Uniform Commercial CodeOriginal Articles > Holder in due course.
Short Summary
This section of the Nevada Revised Statutes governs the concept of a ‘holder in due course’ in commercial instruments and transactions under the Uniform Commercial Code. A ‘holder in due course’ refers to a holder of an instrument who meets certain criteria. To be considered a holder in due course, the instrument must not bear evidence of forgery or alteration, and the holder must have taken the instrument for value, in good faith, and without notice of certain conditions or claims. The section also clarifies that notice of discharge of a party does not constitute notice of a defense, and that certain transfers do not confer the rights of a holder in due course. Additionally, it specifies the rights of a holder in due course when the consideration for an instrument has been partially performed or when there is a security interest in the instrument. The section concludes by stating that its provisions are subject to any law limiting status as a holder in due course in specific types of transactions.
Whom does it apply to?
Holders of instruments
What does it govern?
Holder in due course
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada