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Can you summarize NVRS 104.3502?
Uniform Commercial CodeOriginal Articles > Dishonor.
Short Summary
This legal document governs the dishonor of notes and drafts. It provides rules for determining when a note or draft is considered dishonored. For notes payable on demand, dishonor occurs if the note is not paid on the day of presentment. For notes not payable on demand, dishonor occurs if the note is not paid on the day it becomes payable. The document also outlines rules for dishonor of unaccepted drafts, documentary drafts, and accepted drafts. It further states that dishonor can occur without presentment if the instrument is not duly accepted or paid. Additionally, the document mentions that if a draft is dishonored due to late acceptance, it is treated as never having been dishonored. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Makers, payor banks, drawees, and acceptors of notes and drafts
What does it govern?
Dishonor of notes and drafts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nevada