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Can you summarize NVRS 104A.4405?
Uniform Commercial CodeAdditional Articles > Payment by beneficiarys bank to beneficiary.
Short Summary
This legal document, governed by the Nevada Revised Statutes, specifically under the Uniform Commercial CodeAdditional Articles, addresses the payment by a beneficiary’s bank to the beneficiary. It outlines the conditions under which the beneficiary’s bank is obligated to make payment to the beneficiary. Payment occurs when the beneficiary is notified of the right to withdraw the credit, when the bank applies the credit to a debt of the beneficiary, or when funds are otherwise made available to the beneficiary by the bank. If the beneficiary’s bank does not credit the beneficiary’s account, the time of payment is determined by general principles of law. The document also discusses the enforceability of conditions to payment or agreements between the beneficiary and the bank. Additionally, it covers provisional payments made to beneficiaries through a funds-transfer system and the rights and obligations of the beneficiary’s bank, the beneficiary, and the originator’s bank in case of system failure. Overall, this document provides guidance on the payment process between a beneficiary’s bank and the beneficiary in various scenarios.
Whom does it apply to?
Beneficiary's bank, beneficiary, originator's bank, participants in a funds-transfer system
What does it govern?
Payment by beneficiary's bank to beneficiary
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
Nevada