This legal document, part of the Nevada Revised Statutes, specifically addresses payment orders and beneficiaries. It outlines the rules and procedures for payment orders received by the beneficiary’s bank, particularly in cases where the name, bank account number, or other identification of the beneficiary is incorrect or refers to a nonexistent or unidentifiable person or account. The document provides guidelines for the beneficiary’s bank to determine the proper identification of the beneficiary based on the information provided.

This provision, part of the Nevada Revised Statutes under the Uniform Commercial CodeAdditional Articles, governs the identification of intermediary banks or beneficiary’s banks in payment orders. It establishes rules for receiving banks when a payment order only identifies the bank by an identifying number. The receiving bank can rely on the number as the proper identification and is not required to determine if it refers to a bank. The sender is obligated to compensate the receiving bank for any loss or expenses incurred due to reliance on the number.

This legal document governs the acceptance of payment orders in commercial transactions. It applies to receiving banks, beneficiary’s banks, and originator’s banks. A receiving bank accepts a payment order when it executes the order. A beneficiary’s bank accepts a payment order when it pays the beneficiary, notifies the beneficiary of receipt of the order, or credits the beneficiary’s account. Acceptance cannot occur before the order is received by the receiving bank.

This legal document governs the rejection of payment orders in commercial transactions. It applies to receiving banks and senders of payment orders. According to the document, a payment order can be rejected by the receiving bank through a notice of rejection transmitted orally, electronically, or in writing. The notice of rejection should indicate that the receiving bank is rejecting the order or will not execute or pay the order. Rejection is effective when the notice is given, either by a reasonable means of transmission or upon receipt if an unreasonable means is used.

This legal document governs the cancellation and amendment of payment orders. It applies to receiving banks, senders of payment orders, and beneficiary’s banks. The document specifies that a communication of cancellation or amendment must be transmitted orally, electronically, or in writing, and may require verification through a security procedure or agreement from the bank. The sender’s communication is effective if received by the receiving bank before acceptance of the payment order, unless otherwise provided.

If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this article, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this article or by express agreement.

1.A payment order is executed by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiarys bank can be accepted but cannot be executed. 2.Execution date of a payment order means the day on which the receiving bank may properly issue a payment order in execution of the senders order. The execution date may be determined by instruction of the sender but cannot be earlier than the day the order is received and, unless otherwise determined, is the day the order is received.

This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeAdditional Articles, outlines the obligations of a receiving bank when executing a payment order. The receiving bank is required to issue a payment order that complies with the sender’s instructions and follows any instructions regarding intermediary banks or funds-transfer systems. If the sender’s instruction indicates an expedited transfer, the receiving bank must transmit the payment order accordingly. The document also allows the receiving bank to use any reasonable funds-transfer system unless instructed otherwise by the sender.

This legal document, part of the Nevada Revised Statutes, specifically the Uniform Commercial CodeAdditional Articles, governs the execution of payment orders by receiving banks. It outlines the rights and entitlements of receiving banks in case of erroneous execution of payment orders. If a receiving bank issues a payment order in an amount greater than the sender’s order or issues a duplicate order, the bank is entitled to payment of the sender’s order and can recover the excess payment from the beneficiary.

If the sender of a payment order that is erroneously executed as stated in NRS 104A.4303 receives notification from the receiving bank that the order was executed or that the senders account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding 90 days after the notification from the bank was received by the sender.