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Can you summarize NVRS 104A.4210?
Uniform Commercial CodeAdditional Articles > Rejection of payment order.
Short Summary
This legal document governs the rejection of payment orders in commercial transactions. It applies to receiving banks and senders of payment orders. According to the document, a payment order can be rejected by the receiving bank through a notice of rejection transmitted orally, electronically, or in writing. The notice of rejection should indicate that the receiving bank is rejecting the order or will not execute or pay the order. Rejection is effective when the notice is given, either by a reasonable means of transmission or upon receipt if an unreasonable means is used. If a receiving bank fails to execute a payment order despite having sufficient funds in the sender’s account, the bank may be obliged to pay interest to the sender. If a receiving bank suspends payments, all unaccepted payment orders are deemed rejected. Acceptance of a payment order precludes later rejection, and rejection precludes later acceptance. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Receiving banks, senders of payment orders
What does it govern?
Rejection of payment order
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada