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Can you summarize NVRS 104.3419?
Uniform Commercial CodeOriginal Articles > Instruments signed for accommodation.
Short Summary
This legal document, governed by the Nevada Revised Statutes, specifically falls under the section of the Uniform Commercial CodeOriginal Articles related to Commercial Instruments and Transactions. It outlines the rules and obligations surrounding instruments signed for accommodation. An accommodation party is defined as a party who signs the instrument to incur liability without being a direct beneficiary of the value given for the instrument. The accommodation party may sign the instrument as a maker, drawer, acceptor, or endorser and is obliged to pay the instrument in the capacity in which they sign. The obligation of an accommodation party can be enforced regardless of any statute of frauds and whether or not they receive consideration for the accommodation. The document also discusses the presumption of someone being an accommodation party and the notice required for an instrument to be considered signed for accommodation. It further explains the obligations of an accommodation party based on whether they guarantee collection or payment of the obligation of another party to the instrument. Additionally, it covers the rights of an accommodation party to seek reimbursement from the accommodated party and obtain relief requiring the accommodated party to fulfill their obligations on the instrument. Overall, this document provides a comprehensive framework for understanding the legal aspects and implications of instruments signed for accommodation.
Whom does it apply to?
Parties involved in the signing of an instrument for accommodation
What does it govern?
Instruments signed for accommodation
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Nevada