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Can you summarize NVRS 104.4208?
Uniform Commercial CodeOriginal Articles > Presentment warranties.
Short Summary
This legal document governs presentment warranties in commercial transactions. It applies to drawees, warrantors, and persons making payment. The document establishes warranties that the person obtaining payment or acceptance of an unaccepted draft warrants to the drawee. These warranties include being entitled to enforce the draft, no alteration of the draft, no knowledge of unauthorized signature, and authorization for remotely-created items. The drawee has the right to recover damages for breach of warranty, including the amount paid, expenses, and loss of interest. The document also provides defenses for warrantors in case of unauthorized endorsement or alteration. Additionally, it establishes warranties for dishonored drafts or other items presented for payment. The warranties cannot be disclaimed for checks. Notice of a claim for breach of warranty must be given within 30 days. The cause of action for breach of warranty accrues when the claimant has reason to know of the breach. There is an exemption for the warranty in paragraph (d) of subsection 1 if the person transferring the item did not make the warranty. Overall, this document sets out the obligations and liabilities related to presentment warranties in commercial transactions.
Whom does it apply to?
Drawees, warrantors, and persons making payment
What does it govern?
Presentment warranties
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Damages for breach of warranty equal to the amount paid by the drawee, compensation for expenses and loss of interest resulting from the breach
Jurisdiction
Nevada