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Can you summarize NVRS 104A.4302?
Uniform Commercial CodeAdditional Articles > Obligation of receiving bank in execution of payment order.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeAdditional Articles, outlines the obligations of a receiving bank when executing a payment order. The receiving bank is required to issue a payment order that complies with the sender’s instructions and follows any instructions regarding intermediary banks or funds-transfer systems. If the sender’s instruction indicates an expedited transfer, the receiving bank must transmit the payment order accordingly. The document also allows the receiving bank to use any reasonable funds-transfer system unless instructed otherwise by the sender. The receiving bank may execute a payment order by various means, including first-class mail or any other reasonable means. However, the receiving bank cannot obtain payment for its charges by issuing a payment order in an amount equal to the sender’s order minus the charges, unless instructed by the sender. Overall, this document governs the obligations and responsibilities of receiving banks in executing payment orders.
Whom does it apply to?
Receiving banks
What does it govern?
Obligation of receiving bank in execution of payment order
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada