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Can you summarize NVRS 104.3310?
Uniform Commercial CodeOriginal Articles > Effect of instrument on obligation for which taken.
Short Summary
This legal document, part of the Nevada Revised Statutes, specifically addresses the effect of different types of instruments on obligations. It states that if a certified check, cashier’s check, or teller’s check is taken for an obligation, the obligation is discharged to the same extent as if the amount of the instrument was taken in payment. However, the discharge of the obligation does not affect any liability the obligor may have as an endorser of the instrument. If a note or an uncertified check is taken for an obligation, the obligation is suspended until the instrument is dishonored, paid, or certified. The document also outlines the rights of the obligee and the obligor in case of dishonor or loss of the instrument. Additionally, it specifies the effects of other types of instruments on obligations depending on whether a bank is liable as the maker or acceptor. Overall, this document provides guidance on the legal implications of using different types of instruments in commercial transactions.
Whom does it apply to?
Persons involved in commercial transactions
What does it govern?
Effect of instrument on obligation for which taken
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Nevada