This legal document, known as Article 4 of the Uniform Commercial CodeAdditional Articles, governs the rules and regulations related to funds transfers and payment orders in the context of banking. It defines various terms such as authorized account, bank, customer, funds-transfer business day, funds-transfer system, and more. The document provides definitions for other terms used in this Article and refers to definitions in Article 4 of the Uniform Commercial Code. It also contains general definitions and principles of construction and interpretation applicable throughout this Article.

This legal document governs the determination of the time of receipt of a payment order or communication cancelling or amending a payment order. It applies to receiving banks. The document allows receiving banks to fix cutoff times for the receipt and processing of payment orders and communications. Different cutoff times may apply to different categories of payment orders or senders. If a payment order or communication is received after the close of a funds-transfer business day or after the appropriate cutoff time, the receiving bank may treat it as received at the opening of the next funds-transfer business day.

Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve banks supersede any inconsistent provision of this article to the extent of the inconsistency. (Added to NRS by 1991, 432)

This article governs funds transfers that are not governed by the Electronic Fund Transfer Act of 1978. However, it does apply to funds transfers that are remittance transfers, unless they are electronic fund transfers. In case of any inconsistencies between this article and the Electronic Fund Transfer Act, the provisions of the Electronic Fund Transfer Act prevail. There are no specific penalties mentioned in this article.

1.Security procedure means a procedure established by agreement of a customer and a receiving bank to: (a)Verify that a payment order or communication amending or cancelling a payment order is that of the customer; or (b)Detect error in the transmission or the content of the payment order or communication. 2.A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures or similar security devices.

This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeAdditional Articles, governs the authorization and verification of payment orders. It states that a payment order received by a receiving bank is considered authorized if the person identified as the sender authorized the order or is bound by it under agency law. Additionally, if a bank and its customer have agreed to verify the authenticity of payment orders through a security procedure, a payment order received by the bank is effective as the customer’s order, even if unauthorized, as long as the security procedure is commercially reasonable and the bank accepted the order in good faith and compliance with the procedure.

This section of the Nevada Revised Statutes, under the Uniform Commercial CodeAdditional Articles, addresses the unenforceability of certain verified payment orders. It applies to receiving banks and customers involved in payment orders. If a payment order is not an authorized order of a customer but is effective as an order of the customer, the receiving bank may limit its entitlement to enforce or retain payment by express written agreement. However, the receiving bank cannot enforce or retain payment if the customer proves that the order was not caused by a person entrusted with duties related to payment orders or the security procedure, or by someone who obtained unauthorized access to the customer’s transmitting facilities or information facilitating breach of the security procedure.

This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeAdditional Articles, governs the refund of payment and the duty of customers to report unauthorized payment orders. According to the document, if a receiving bank accepts a payment order issued in the name of its customer without authorization or enforceability, the bank must refund the payment to the extent it is not entitled to enforce payment. The bank is also required to pay interest on the refundable amount.

This section of the Nevada Revised Statutes, under the Uniform Commercial CodeAdditional Articles, governs the treatment of erroneous payment orders. It applies to senders of payment orders and receiving banks. If a payment order is transmitted with errors such as instructing payment to the wrong beneficiary, instructing payment for an amount greater than intended, or being a duplicate of a previous order, certain rules apply. If the sender proves compliance with the security procedure and that the error would have been detected if the receiving bank had also complied, the sender is not obliged to pay the order.

1.If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms of the payment order transmitted to the system and the terms of the payment order transmitted by the system to the bank, the terms of the payment order of the sender are those transmitted by the system.