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Can you summarize NVRS 104.3309?
Uniform Commercial CodeOriginal Articles > Enforcement of lost, destroyed or stolen instrument.
Short Summary
This legal provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to the enforcement of lost, destroyed, or stolen instruments. It states that a person who is not in possession of an instrument may still be entitled to enforce it under certain conditions. These conditions include being entitled to enforce the instrument when the loss of possession occurred, directly or indirectly acquiring ownership from someone entitled to enforce the instrument, and the loss of possession not being a result of a transfer or lawful seizure. Additionally, the person seeking enforcement must be unable to reasonably obtain possession of the instrument due to its destruction, unknown whereabouts, or wrongful possession by an unknown or unfindable person. To enforce the instrument, the person must prove the terms of the instrument and their right to enforce it. The court may only enter judgment in favor of the person seeking enforcement if it finds that the person required to pay the instrument is adequately protected against potential loss from another person claiming the right to enforce it. The means of providing adequate protection can vary. This provision was added to the Nevada Revised Statutes in 1993 and has not specified any specific penalties for non-compliance or violation.
Whom does it apply to?
Persons not in possession of an instrument seeking to enforce it
What does it govern?
Enforcement of lost, destroyed or stolen instrument
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Nevada