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Can you summarize NVRS 104A.4402?
Uniform Commercial CodeAdditional Articles > Obligation of sender to pay receiving bank.
Short Summary
This legal document, governed by the Nevada Revised Statutes, specifically under the Uniform Commercial CodeAdditional Articles, addresses the obligation of the sender to pay the receiving bank in the context of payment orders. When a payment order is issued to the beneficiary’s bank, acceptance of the order by the bank creates an obligation for the sender to pay the bank the specified amount, with payment becoming due on the payment date. Similarly, when a payment order is issued to a receiving bank other than the beneficiary’s bank, acceptance of the order by the receiving bank obliges the sender to pay the bank the specified amount, with payment becoming due on the execution date. The sender’s obligation to pay is excused if the funds transfer is not completed by acceptance of a payment order by the beneficiary’s bank. If the sender pays the order but was not obliged to pay all or part of the amount, the receiving bank is obliged to refund the excess amount. However, no specific penalties or exemptions are mentioned in this document.
Whom does it apply to?
Senders of payment orders and receiving banks
What does it govern?
Obligation of sender to pay receiving bank
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
Nevada