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Can you summarize NVRS 104A.4209?
Uniform Commercial CodeAdditional Articles > Acceptance of payment order.
Short Summary
This legal document governs the acceptance of payment orders in commercial transactions. It applies to receiving banks, beneficiary’s banks, and originator’s banks. A receiving bank accepts a payment order when it executes the order. A beneficiary’s bank accepts a payment order when it pays the beneficiary, notifies the beneficiary of receipt of the order, or credits the beneficiary’s account. Acceptance cannot occur before the order is received by the receiving bank. There are exemptions to acceptance if the beneficiary does not have an account with the receiving bank, the account is closed, or the receiving bank is not permitted to receive credits for the beneficiary’s account. There are no specific penalties mentioned in this document.
Whom does it apply to?
Receiving banks, beneficiary's banks, and originator's banks
What does it govern?
Acceptance of payment order
What are exemptions?
Payment orders cannot be accepted if the beneficiary does not have an account with the receiving bank, the account is closed, or the receiving bank is not permitted to receive credits for the beneficiary's account
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Nevada