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Can you summarize NVRS 104.4301?
Uniform Commercial CodeOriginal Articles > Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the procedures and requirements related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It outlines the conditions under which a payor bank may revoke a settlement and recover the settlement amount before making final payment. The document also specifies the actions a payor bank can take upon receiving a demand item for credit on its books, including returning the item or sending notice of dishonor. It establishes the time of dishonor for an item and provides guidelines for returning items presented through a clearinghouse or in other cases. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Payor banks and parties involved in settlement and payment of demand items.
What does it govern?
Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada