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Can you summarize NVRS 104.3503?
Uniform Commercial CodeOriginal Articles > Notice of dishonor.
Short Summary
This legal document, governed by the Nevada Revised Statutes, specifically the Uniform Commercial CodeOriginal Articles, pertains to the obligation of an endorser and drawer and the requirement of notice of dishonor. It states that the obligations of an endorser and drawer cannot be enforced unless notice of dishonor is given to them or notice of dishonor is excused. The notice of dishonor can be given by any person through various means, such as oral, written, or electronic communication, as long as it reasonably identifies the dishonored instrument. Return of an instrument given to a bank for collection is considered sufficient notice of dishonor. The document also specifies the timeframe within which notice of dishonor must be given, depending on whether the instrument is taken for collection by a collecting bank or not. There are no specific penalties mentioned in this document.
Whom does it apply to?
Endorsers, drawers, collecting banks, any person involved in dishonor of an instrument
What does it govern?
Obligation of an endorser and drawer, notice of dishonor
What are exemptions?
Notice of dishonor is excused under subsection 2 of NRS 104.3504
What are the Penalties?
No penalties mentioned.
Jurisdiction
Nevada