Ask Reggi Your Question Now
Can you summarize NVRS 104.4202?
Uniform Commercial CodeOriginal Articles > Responsibility for collection or return; when action timely.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial Code, governs the responsibilities of collecting banks regarding the collection and return of items. A collecting bank is required to exercise ordinary care in presenting an item or sending it for presentment, sending notice of dishonor or nonpayment, settling for an item, and notifying its transferor of any loss or delay in transit. The bank must take proper action within its midnight deadline following receipt of an item, notice, or settlement to exercise ordinary care. The bank may not be held liable for the insolvency, neglect, misconduct, mistake, default of another bank or person, loss, destruction, or inability to obtain repossession of an item in the possession of others or in transit. No specific penalties are mentioned in this document.
Whom does it apply to?
Collecting banks
What does it govern?
Collection and return of items by a collecting bank
What are exemptions?
Insolvency, neglect, misconduct, mistake, default of another bank or person, loss, destruction, inability to obtain repossession of an item in possession of others or in transit
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Nevada