Ask Reggi Your Question Now
Can you summarize NVRS 104.3413?
Uniform Commercial CodeOriginal Articles > Obligation of acceptor.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the obligation of the acceptor of a draft. The acceptor is obliged to pay the draft according to its terms at the time of acceptance. If the acceptance varies the terms of the draft, the acceptor is obliged to pay according to the varied terms. If the acceptance is of an incomplete instrument, the acceptor is obliged to pay according to its terms when completed, as stated in NRS 104.3115 and 104.3407. The obligation is owed to a person entitled to enforce the draft, the drawer, or an endorser who paid the draft under NRS 104.3414 or 104.3415. If the certification or acceptance of a check or draft states the amount certified or accepted, the obligation of the acceptor is that amount. If the certification or acceptance does not state an amount and the amount of the instrument is subsequently raised and negotiated to a holder in due course, the obligation of the acceptor is the amount of the instrument at the time it was taken by the holder in due course.
Whom does it apply to?
Acceptors of drafts
What does it govern?
Obligation of acceptor
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nevada