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Can you summarize NVRS 104A.4406?
Uniform Commercial CodeAdditional Articles > Payment by originator to beneficiary; discharge of underlying obligation.
Short Summary
This legal document, part of the Nevada Revised Statutes, governs the payment by an originator to a beneficiary in a funds transfer and the discharge of the underlying obligation. According to the document, the originator is required to pay the beneficiary at the time a payment order is accepted by the beneficiary’s bank, in an amount equal to the order accepted. However, there are certain exceptions mentioned in subsections 5 of NRS 104A.4211 and subsections 4 and 5 of NRS 104A.4405. If the payment made by the originator satisfies an obligation, the obligation is discharged to the same extent as if the beneficiary had received the same amount in money. The document also outlines conditions under which the originator may be subrogated to the rights of the beneficiary to receive payment from the beneficiary’s bank. It further clarifies that the rights of the originator or beneficiary can only be varied by agreement between them. The document does not specify any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Originators and beneficiaries of funds transfers
What does it govern?
Payment by originator to beneficiary; discharge of underlying obligation
What are exemptions?
Exemptions are provided in subsection 5 of NRS 104A.4211 and subsections 4 and 5 of NRS 104A.4405
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Nevada