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Can you summarize NVRS 104.3415?
Uniform Commercial CodeOriginal Articles > Obligation of endorser.
Short Summary
This section of the Nevada Revised Statutes, under the Uniform Commercial CodeOriginal Articles, governs the obligation of an endorser in the case of a dishonored instrument. According to this section, if an instrument is dishonored, the endorser is obliged to pay the amount due on the instrument as per its terms at the time of endorsement. The obligation is owed to a person entitled to enforce the instrument or a subsequent endorser who paid the instrument. However, there are exemptions to this obligation. If an endorsement states that it is made ‘without recourse’ or disclaims liability, the endorser is not liable to pay the instrument. The liability of the endorser is also discharged if notice of dishonor is not given to the endorser or if a draft is accepted by a bank after the endorsement is made. Additionally, if an endorser of a check is liable but the check is not presented for payment or given to a depositary bank for collection within 30 days after the endorsement, the liability of the endorser is discharged.
Whom does it apply to?
Endorsers of dishonored instruments
What does it govern?
Obligation of endorser
What are exemptions?
Endorsers who have made an endorsement stating that it is made 'without recourse' or otherwise disclaiming liability are not liable to pay the instrument. Endorsers whose liability is discharged due to the acceptance of a draft by a bank after the endorsement is made. Endorsers of a check whose liability is discharged if the check is not presented for payment or given to a depositary bank for collection within 30 days after the endorsement was made.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Nevada