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Can you summarize NVRS 104.3420?
Uniform Commercial CodeOriginal Articles > Conversion of instrument.
Short Summary
This legal document pertains to the conversion of instruments. It states that the law applicable to the conversion of personal property also applies to instruments. An instrument is considered converted if it is taken by transfer from a person not entitled to enforce the instrument or if a bank makes or obtains payment with respect to the instrument for a person not entitled to enforce the instrument or receive payment. However, the issuer or acceptor of the instrument, as well as a payee or endorsee who did not receive delivery of the instrument, cannot bring an action for conversion. In such cases, the measure of liability is presumed to be the amount payable on the instrument, but recovery cannot exceed the amount of the plaintiff’s interest in the instrument. Additionally, a representative, other than a depositary bank, who has dealt with an instrument or its proceeds in good faith on behalf of someone not entitled to enforce the instrument is not liable in conversion beyond the amount of any proceeds that it has not paid out.
Whom does it apply to?
Persons involved in the conversion of instruments
What does it govern?
Conversion of personal property applies to instruments
What are exemptions?
The issuer or acceptor of the instrument, payee or endorsee who did not receive delivery of the instrument
What are the Penalties?
Not specified
Jurisdiction
Nevada