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Can you summarize NVRS 104A.4207?
Uniform Commercial CodeAdditional Articles > Misdescription of beneficiary.
Short Summary
This legal document, part of the Nevada Revised Statutes, specifically addresses payment orders and beneficiaries. It outlines the rules and procedures for payment orders received by the beneficiary’s bank, particularly in cases where the name, bank account number, or other identification of the beneficiary is incorrect or refers to a nonexistent or unidentifiable person or account. The document provides guidelines for the beneficiary’s bank to determine the proper identification of the beneficiary based on the information provided. It also discusses the obligations of the originator and the beneficiary’s bank in cases where the payment order identifies different persons. Additionally, the document covers the rights and obligations of the originator and the originator’s bank if the beneficiary’s bank pays the person identified by number but that person was not entitled to receive payment. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Beneficiary's bank, originator, and payment order recipients
What does it govern?
Payment orders and beneficiaries
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada