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Can you summarize NVRS 104.3311?
Uniform Commercial CodeOriginal Articles > Accord and satisfaction by use of instrument.
Short Summary
This legal provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to situations where a person against whom a claim is asserted offers an instrument as full satisfaction of the claim. If certain conditions are met, the claim may be discharged. The person asserting the claim must prove that the instrument was tendered in good faith, the amount of the claim was unliquidated or subject to a bona fide dispute, and the claimant obtained payment of the instrument. The claim is discharged if the instrument or accompanying written communication contains a conspicuous statement indicating it was tendered as full satisfaction of the claim. However, the claim is not discharged if the claimant, an organization, proves that they sent a statement to the person against whom the claim is asserted, designating a specific person, office, or place for communications regarding disputed debts, and the instrument was not received by the designated recipient. Additionally, the claim is not discharged if the claimant, within 90 days after payment of the instrument, tenders repayment to the person against whom the claim is asserted, unless the claimant is an organization that sent a compliant statement. The claim is also discharged if the person against whom the claim is asserted proves that the claimant knew, within a reasonable time before collection of the instrument, that it was tendered in full satisfaction of the claim.
Whom does it apply to?
Persons against whom a claim is asserted and claimants
What does it govern?
Accord and satisfaction by use of instrument
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Nevada