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Can you summarize NVRS 104.4207?
Uniform Commercial CodeOriginal Articles > Transfer warranties.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs transfer warranties in commercial transactions. It outlines the warranties made by a customer or collecting bank when transferring an item and receiving settlement or other consideration. The warranties include the warrantor being a person entitled to enforce the item, all signatures on the item being authentic and authorized, the item not being altered, and the item not being subject to a defense or claim in recoupment. The warrantor also warrants having no knowledge of any insolvency proceeding and, in the case of a remotely-created item, that the person on whose account the item is drawn authorized its issuance. The document further explains the obligations of a transferor if an item is dishonored and the rights of a person who took the item in good faith. It also addresses the disclaiming of warranties, the time limit for giving notice of a claim for breach of warranty, and the accrual of a cause of action for breach of warranty. The document concludes by stating that no claim for breach of warranty is available against a person to whom an item was transferred if the warranty was not made by the transferor under applicable law.
Whom does it apply to?
Customers, collecting banks, transferees, subsequent collecting banks
What does it govern?
Transfer warranties
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nevada