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Can you summarize NVRS 104.3407?
Uniform Commercial CodeOriginal Articles > Alteration.
Short Summary
This legal document, part of the Nevada Revised Statutes, falls under the Uniform Commercial CodeOriginal Articles. It defines the term ‘alteration’ in the context of commercial instruments and transactions. An alteration refers to an unauthorized change in an instrument that modifies the obligation of a party or an addition/change to an incomplete instrument relating to a party’s obligation. Fraudulent alterations discharge the party whose obligation is affected, unless they assent or are precluded from asserting the alteration. However, non-fraudulent alterations do not discharge a party, and the instrument can be enforced according to its original terms. The document also outlines the rights of payor banks, drawees, or persons taking fraudulently altered instruments for value and in good faith, allowing them to enforce the instrument according to its original terms or as completed in the case of an unauthorized completion of an incomplete instrument. Overall, this document provides guidance on the legal implications and consequences of alterations in commercial instruments and transactions.
Whom does it apply to?
Parties involved in commercial instruments and transactions
What does it govern?
Uniform Commercial CodeOriginal Articles
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada