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Can you summarize NVRS 104.3303?
Uniform Commercial CodeOriginal Articles > Value and consideration.
Short Summary
This legal document, part of the Nevada Revised Statutes, pertains to the Uniform Commercial CodeOriginal Articles. It governs the issuance and transfer of instruments for value. An instrument is considered issued or transferred for value if it meets certain conditions, such as being issued for a promise of performance, acquiring a security interest or lien, being used as payment or security for an antecedent claim, being exchanged for a negotiable instrument, or being exchanged for incurring an irrevocable obligation to a third party. The document also defines ‘consideration’ as any consideration sufficient to support a simple contract. It states that the drawer or maker of an instrument has a defense if the instrument is issued without consideration. Additionally, it clarifies that if an instrument is issued for value as stated, it is also issued for consideration. The document was added to the Nevada Revised Statutes in 1965 and has not been amended since.
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