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Can you summarize NVRS 104A.4203?
Uniform Commercial CodeAdditional Articles > Unenforceability of certain verified payment orders.
Short Summary
This section of the Nevada Revised Statutes, under the Uniform Commercial CodeAdditional Articles, addresses the unenforceability of certain verified payment orders. It applies to receiving banks and customers involved in payment orders. If a payment order is not an authorized order of a customer but is effective as an order of the customer, the receiving bank may limit its entitlement to enforce or retain payment by express written agreement. However, the receiving bank cannot enforce or retain payment if the customer proves that the order was not caused by a person entrusted with duties related to payment orders or the security procedure, or by someone who obtained unauthorized access to the customer’s transmitting facilities or information facilitating breach of the security procedure. This section also applies to amendments of payment orders. No specific penalties are mentioned in this section.
Whom does it apply to?
Receiving banks and customers
What does it govern?
Unenforceability of certain verified payment orders
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nevada