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Can you summarize NVRS 104.3418?
Uniform Commercial CodeOriginal Articles > Payment or acceptance by mistake.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the payment or acceptance of drafts and instruments made by mistake. It outlines the rights and remedies available to drawees of drafts and persons paying or accepting instruments in cases where payment or acceptance was made based on a mistaken belief. The document allows drawees to recover the amount of the draft or revoke acceptance if payment or acceptance was made under the mistaken belief. However, these remedies cannot be asserted against persons who took the instrument in good faith and for value or who changed their position in reliance on the payment or acceptance. The document also clarifies that the remedies provided do not limit other remedies available under NRS 104.3417 or 104.4407. If an instrument is paid or accepted by mistake and the payor or acceptor recovers payment or revokes acceptance, the instrument is deemed not to have been paid or accepted and is treated as dishonored. The person from whom payment is recovered has rights as a person entitled to enforce the dishonored instrument.
Whom does it apply to?
Drawees of drafts, persons paying or accepting instruments
What does it govern?
Payment or acceptance by mistake
What are exemptions?
Persons who took the instrument in good faith and for value or who changed position in reliance on the payment or acceptance
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Nevada