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Can you summarize NVRS 104.4215?
Uniform Commercial CodeOriginal Articles > Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the final payment of an item by a payor bank, as well as the timing for when provisional debits and credits become final and when certain credits become available for withdrawal. It applies to payor banks, presenting banks, successive prior collecting banks, and collecting banks involved in the settlement of items. The document specifies that an item is finally paid by a payor bank when it is paid in cash, settled without the right to revoke settlement, or when provisional settlement is made and not revoked within the permitted time. It also establishes that provisional debits or credits become final upon final payment of the item by the payor bank. Furthermore, the document outlines the availability of funds for withdrawal, based on provisional settlement becoming final or the item being finally paid. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks, presenting banks, successive prior collecting banks, and collecting banks.
What does it govern?
Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
What are exemptions?
The document does not provide any specific exemptions.
What are the Penalties?
No penalties are mentioned in the document.
Jurisdiction
Nevada