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Can you summarize NVRS 104A.4103?
Uniform Commercial CodeAdditional Articles > Payment order: Definitions.
Short Summary
This legal document, part of the Nevada Revised Statutes, specifically falls under the Uniform Commercial CodeAdditional Articles. It defines and provides explanations for various terms related to payment orders. The document defines a ‘payment order’ as an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. The instruction must not have any conditions other than the time of payment, and the receiving bank is reimbursed by debiting the sender’s account or receiving payment from the sender. The document also defines terms such as ‘beneficiary,’ ‘beneficiary’s bank,’ ‘receiving bank,’ and ‘sender.’ It clarifies that if an instruction is to make multiple payments to a beneficiary, it is considered a separate payment order for each payment. The document further states that a payment order is issued when it is sent to the receiving bank. Overall, this document provides the definitions and guidelines for payment orders in commercial transactions governed by the Uniform Commercial Code in Nevada.
Whom does it apply to?
Senders, receiving banks, and beneficiaries
What does it govern?
Payment orders
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada