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Can you summarize NVRS 104.4216?
Uniform Commercial CodeOriginal Articles > Insolvency and preference.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the topics of insolvency and preference. It outlines specific scenarios and obligations related to the possession and payment of items by payor banks, collecting banks, receivers, trustees, agents in charge of closed banks, presenting banks, and closed bank’s customers. The document states that if an item is in the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, it must be returned to the presenting bank or the closed bank’s customer. It also establishes that if a payor bank finally pays an item and suspends payments without making a settlement with its customer or the presenting bank, the owner of the item has a preferred claim against the payor bank. Similarly, if a collecting bank receives settlement for an item, suspends payments without making a settlement with its customer, and the settlement becomes final, the owner of the item has a preferred claim against the collecting bank. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Payor banks, collecting banks, receivers, trustees, agents in charge of closed banks, presenting banks, closed bank's customers
What does it govern?
Insolvency and preference
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada