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Can you summarize NVRS 104A.4507?
Uniform Commercial CodeAdditional Articles > Choice of law.
Short Summary
This legal document governs the choice of law in funds transfers. It specifies the rules for determining which jurisdiction’s law applies to various aspects of funds transfers. The document states that unless the affected parties agree otherwise or specific conditions apply, the rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction where the receiving bank is located. Similarly, the rights and obligations between the beneficiary’s bank and the beneficiary are governed by the law of the jurisdiction where the beneficiary’s bank is located. The issue of when payment is made in a funds transfer is governed by the law of the jurisdiction where the beneficiary’s bank is located. If the parties have made an agreement selecting the law of a particular jurisdiction, that law governs their rights and obligations, regardless of the payment order or funds transfer’s relation to that jurisdiction. A funds-transfer system rule may also select the law of a particular jurisdiction to govern rights and obligations between participating banks or parties involved in a funds transfer. In case of inconsistency between an agreement and a choice-of-law rule, the agreement prevails. If a funds transfer involves multiple systems with conflicting choice-of-law rules, the law of the selected jurisdiction with the most significant relationship to the matter in issue governs. No specific penalties or exemptions are mentioned in this document.
Whom does it apply to?
Parties involved in funds transfers, including senders, receiving banks, beneficiary's banks, and beneficiaries
What does it govern?
Choice of law in funds transfers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada