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Can you summarize NVRS 104A.4106?
Uniform Commercial CodeAdditional Articles > Time payment order is received.
Short Summary
This legal document governs the determination of the time of receipt of a payment order or communication cancelling or amending a payment order. It applies to receiving banks. The document allows receiving banks to fix cutoff times for the receipt and processing of payment orders and communications. Different cutoff times may apply to different categories of payment orders or senders. If a payment order or communication is received after the close of a funds-transfer business day or after the appropriate cutoff time, the receiving bank may treat it as received at the opening of the next funds-transfer business day. Additionally, if an execution date, payment date, or required action falls on a non-funds-transfer business day, the next funds-transfer business day is treated as the stated date or day, unless stated otherwise in this document.
Whom does it apply to?
Receiving banks
What does it govern?
Time of receipt of a payment order or communication cancelling or amending a payment order
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada