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Can you summarize NVRS 104.3416?
Uniform Commercial CodeOriginal Articles > Transfer warranties.
Short Summary
This legal document, part of the Nevada Revised Statutes, specifically falls under the Uniform Commercial CodeOriginal Articles. It governs transfer warranties for instruments. According to the document, a person who transfers an instrument for consideration warrants to the transferee and subsequent transferees that they are entitled to enforce the instrument, all signatures on the instrument are authentic and authorized, the instrument has not been altered, the instrument is not subject to a defense or claim in recoupment, the warrantor has no knowledge of any insolvency proceeding, and with respect to a remotely-created item, the person on whose account the item is drawn authorized its issuance. A person who took the instrument in good faith and to whom the warranties are made may recover damages for breach of warranty. The warranties cannot be disclaimed with respect to checks. Notice of a claim for breach of warranty must be given to the warrantor within 30 days after the claimant has reason to know of the breach and the identity of the warrantor. The cause of action for breach of warranty accrues when the claimant has reason to know of the breach. However, no claim for breach of warranty in paragraph (f) of subsection 1 is available against a person to which an item was transferred if the warranty was not made by the person who transferred the item.
Whom does it apply to?
Persons who transfer an instrument for consideration and subsequent transferees
What does it govern?
Transfer warranties
What are exemptions?
Checks cannot disclaim the warranties stated in subsection 1
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Nevada