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Can you summarize NVRS 104.4302?
Uniform Commercial CodeOriginal Articles > Payor banks responsibility for late return of item.
Short Summary
This legal provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, outlines the responsibility of a payor bank for the late return of an item. If a payor bank receives an item, it is accountable for the amount of the item unless certain conditions are met. The bank must settle for the item or pay, return, or send notice of dishonor for the item within the specified timeframes. The liability of the payor bank to pay the item is subject to defenses based on breach of a presentment warranty or proof of fraudulent intent by the person seeking enforcement. This provision does not mention any specific penalties for non-compliance or violation. It applies specifically to payor banks and does not provide any exemptions.
Whom does it apply to?
Payor banks
What does it govern?
Responsibility of a payor bank for late return of an item
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nevada