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Can you summarize NVRS 104.3602?
Uniform Commercial CodeOriginal Articles > Payment.
Short Summary
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the payment of instruments and the discharge of obligations. It establishes that an instrument is considered paid when payment is made by or on behalf of a party obliged to pay the instrument to a person entitled to enforce the instrument. It also outlines the conditions under which a note is considered paid, including adequate notification of transfer and provision of an address for future payments. The section further clarifies that payment under these provisions discharges the obligation of the party obliged to pay, even if there is a claim to the instrument by another person. Additionally, it states that a transferee or any party acquiring rights in the instrument is deemed to have notice of any payment made after the transfer but before adequate notification is received by the party obliged to pay. The section also includes provisions regarding the discharge of obligations in specific circumstances, such as when payment is prohibited by court injunction or when the instrument is known to be stolen. Overall, this section provides the framework for payment and discharge of obligations in commercial transactions governed by the Uniform Commercial Code in Nevada.
Whom does it apply to?
Parties obliged to pay instruments and persons entitled to enforce instruments
What does it govern?
Payment of instruments and discharge of obligations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada