In this Article: 1.Depositary bank means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter. 2.Payor bank means a bank that is the drawee of a draft. 3.Intermediary bank means any bank to which an item is transferred in course of collection except the depositary or payor bank. 4.Collecting bank means any bank handling the item for collection except the payor bank.

1.If an item states that it is payable through a bank identified in the item: (a)The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and (b)The item may be presented for payment only by or through the bank. 2.If an item states that it is payable at a bank identified in the item, the item is equivalent to a draft drawn on the bank.

A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken or notices or orders must be given under this article and under article 3. (Added to NRS by 1965, 842; A 1993, 1301)

1.For the purpose of allowing time to process items, prove balances and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of 2 p.m. or later as a cutoff hour for the handling of money and items and the making of entries on its books. 2.Any item or deposit of money received on any day after a cutoff hour so fixed or after the close of the banking day may be treated as being received at the opening of the next banking day.

1.Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank, and with or without the approval of any person involved, may waive, modify or extend time limits imposed or permitted by this chapter for a period not exceeding two additional banking days without discharge of drawers or endorsers or liability to its transferor or a prior party.

1.Agreement for electronic presentment means an agreement, clearing-house rule or Federal Reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item (presentment notice) rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor and other matters concerning items subject to the agreement. 2.Presentment of an item pursuant to an agreement for presentment is made when the presentment notice is received.

An action to enforce an obligation, duty or right arising under this article must be commenced within three years after the cause of action accrues. (Added to NRS by 1993, 1248)

This legal provision, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the status of a collecting bank as an agent and the provisional status of credits. It establishes that unless a contrary intent clearly appears, a collecting bank is considered an agent or subagent of the owner of the item, and any settlement given for the item is provisional. This applies regardless of the form of endorsement or lack of endorsement, and even if credit for the item is subject to immediate withdrawal or is already withdrawn.

This legal document, part of the Nevada Revised Statutes under the Uniform Commercial Code, governs the responsibilities of collecting banks regarding the collection and return of items. A collecting bank is required to exercise ordinary care in presenting an item or sending it for presentment, sending notice of dishonor or nonpayment, settling for an item, and notifying its transferor of any loss or delay in transit. The bank must take proper action within its midnight deadline following receipt of an item, notice, or settlement to exercise ordinary care.

Subject to the provisions of article 3 concerning conversion of instruments ( NRS 104.3420 ) and restrictive endorsements ( NRS 104.3206 ), only a collecting banks transferor can give instructions that affect the bank or constitute notice to it, and a collecting bank is not liable to prior parties for any action taken pursuant to the instructions or in accordance with any agreement with its transferor. (Added to NRS by 1965, 843; A 1993, 1303)