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Can you summarize NVRS 104.3305?
Uniform Commercial CodeOriginal Articles > Defenses and claims in recoupment.
Short Summary
This section of the Nevada Revised Statutes governs the defenses and claims in recoupment related to the enforcement of obligations in commercial instruments and transactions. It outlines the rights and defenses available to obligors, including defenses based on infancy, duress, lack of legal capacity, illegality of the transaction, fraud, and discharge in insolvency proceedings. The section also allows for claims in recoupment by the obligor against the original payee of the instrument, but only to reduce the amount owing on the instrument. The rights of a holder in due course to enforce the obligation are subject to certain defenses and claims in recoupment. However, in an action to enforce the obligation, the obligor may not assert defenses, claims in recoupment, or claims to the instrument of another person, unless that person is joined in the action and personally asserts the claim. Accommodation parties have specific defenses and claims in recoupment available to them, with certain exceptions. Overall, this section provides guidance on the rights and limitations related to defenses and claims in recoupment in commercial instrument transactions governed by the Uniform Commercial CodeOriginal Articles in Nevada.
Whom does it apply to?
Parties involved in the enforcement of obligations related to commercial instruments and transactions governed by the Uniform Commercial CodeOriginal Articles in Nevada
What does it govern?
Defenses and claims in recoupment
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada