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Can you summarize NVRS 104.3304?
Uniform Commercial CodeOriginal Articles > Overdue instrument.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial Code, provides guidelines for determining when an instrument becomes overdue. An instrument payable on demand becomes overdue at the earliest of the following times: (a) On the day after the day demand for payment is duly made; (b) If the instrument is a check, 90 days after its date; or (c) If the instrument is not a check, when the instrument has been outstanding for a period of time after its date which is unreasonably long under the circumstances of the particular case in light of the nature of the instrument and usage of the trade. With respect to an instrument payable at a definite time, the document specifies different rules based on whether the principal is payable in installments or not, and whether the due date has been accelerated. The document also clarifies that an instrument does not become overdue if there is default in payment of interest but no default in payment of principal.
Whom does it apply to?
Parties involved in commercial transactions
What does it govern?
Overdue instruments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada