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Can you summarize NVRS 104.3307?
Uniform Commercial CodeOriginal Articles > Notice of breach of fiduciary duty.
Short Summary
This legal document, governed by the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the breach of fiduciary duty. It defines the terms ‘fiduciary’ and ‘represented person’ and outlines the rules that apply when an instrument is taken from a fiduciary for payment or collection. The document states that notice of breach of fiduciary duty by the fiduciary is considered notice of the claim of the represented person. It also specifies the circumstances under which a taker of an instrument has notice of the breach of fiduciary duty. The document does not mention any specific penalties for non-compliance or violation. Overall, this document provides guidance on the legal implications and consequences of breaching fiduciary duties in Nevada.
Whom does it apply to?
Agents, trustees, partners, corporate officers or directors, or other representatives owing a fiduciary duty
What does it govern?
Breach of fiduciary duty
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nevada