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Can you summarize NVRS 104A.4211?
Uniform Commercial CodeAdditional Articles > Cancellation and amendment of payment order.
Short Summary
This legal document governs the cancellation and amendment of payment orders. It applies to receiving banks, senders of payment orders, and beneficiary’s banks. The document specifies that a communication of cancellation or amendment must be transmitted orally, electronically, or in writing, and may require verification through a security procedure or agreement from the bank. The sender’s communication is effective if received by the receiving bank before acceptance of the payment order, unless otherwise provided. Cancellation or amendment of a payment order after acceptance requires the agreement of the receiving bank or allowance by a funds-transfer system rule. The document also outlines the conditions for cancellation or amendment by the beneficiary’s bank and the liability of the sender for any loss and expenses incurred by the bank. Additionally, it addresses the cancellation of unaccepted payment orders, the nullification of acceptance upon cancellation, and the revocation of payment orders due to the death or legal incapacity of the sender. Any conflicting funds-transfer system rule is deemed ineffective. No specific exemptions are mentioned in the document.
Whom does it apply to?
Receiving banks, senders of payment orders, and beneficiary's banks
What does it govern?
Cancellation and amendment of payment orders
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Liability to the bank for any loss and expenses incurred as a result of cancellation or amendment
Jurisdiction
Nevada