This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the assignment of proceeds of a letter of credit. It defines the term ‘proceeds of a letter of credit’ as the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The section allows a beneficiary to assign its right to part or all of the proceeds of a letter of credit, contingent upon compliance with the terms and conditions of the letter of credit.

An action to enforce a right or obligation arising under this article must be commenced within 1 year after the expiration date of the relevant letter of credit or 1 year after the claim for relief accrues, whichever occurs later. A claim for relief accrues when the breach occurs, regardless of the aggrieved partys lack of knowledge of the breach. (Added to NRS by 1997, 358)

This legal document governs the liability of an issuer, nominated person, or adviser for their actions or omissions. It also establishes the rules for choosing the jurisdiction’s law and forum for settling disputes. The liability is determined either by the law of the jurisdiction chosen through an agreement or by the law of the jurisdiction where the issuer, nominated person, or adviser is located. Customary rules or practices, such as the Uniform Customs and Practice for Documentary Credits, may also govern the liability, except when there is a conflict with the nonvariable provisions specified in the document.

This legal provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the subrogation rights of issuers, applicants, and nominated persons in commercial transactions. According to the provision, an issuer that honors a beneficiary’s presentation is subrogated to the rights of the beneficiary and the applicant as if the issuer were a secondary obligor of the underlying obligation owed to them. Similarly, an applicant that reimburses an issuer is subrogated to the rights of the issuer against any beneficiary, presenter, or nominated person.

This legal document, governed by the Nevada Revised Statutes, specifically falls under the Uniform Commercial CodeOriginal Articles. It establishes that an issuer or a nominated person has a security interest in a document presented under a letter of credit and any identifiable proceeds of the collateral if the issuer or nominated person honors or gives value for the presentation. The security interest continues until the issuer or nominated person has been reimbursed or has otherwise recovered the value given.

This article may be cited as Uniform Commercial CodeSecured Transactions. (Added to NRS by 1999, 281)

This legal document, part of the Nevada Revised Statutes, governs the Uniform Commercial CodeOriginal Articles in the area of Commercial Instruments and Transactions. It applies to individuals and entities involved in commercial transactions and the creation of security interests. The document provides definitions for various terms used in commercial transactions, such as ‘accession,’ ‘account,’ ‘account debtor,’ ‘agricultural lien,’ ‘authenticate,’ ‘bank,’ ‘cash proceeds,’ and many others. It also outlines the scope of the document, including exemptions for certain types of payment rights.

This legal document pertains to the concept of purchase-money security interest in commercial transactions. It defines purchase-money collateral as goods or software that secure a purchase-money obligation incurred with respect to that collateral. A security interest in goods or software is considered a purchase-money security interest if it meets certain conditions, such as securing a purchase-money obligation incurred with respect to other inventory or software in which the secured party holds or held a purchase-money security interest.

1.A secured party has control of a deposit account if: (a)The secured party is the bank with which the deposit account is maintained; (b)The debtor, secured party and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; or (c)The secured party becomes the banks customer with respect to the deposit account.

This provision, part of the Nevada Revised Statutes under the Uniform Commercial Code, governs the control of electronic chattel paper and the employment of a system for evidencing the transfer of interests in chattel paper. It applies to secured parties, specifically those who have an interest in electronic chattel paper. To establish control of electronic chattel paper, a system must be employed that reliably establishes the secured party as the assignee of the chattel paper.