Nevada § 104.4202 Responsibility for collection or return; when action timely

Nevada Statutes

§ 104.4202 — Responsibility for collection or return; when action timely

Nevada·Title 8 COMMERCIAL INSTRUMENTS AND TRANSACTIONS·Ch. 104 Uniform· Collection of Items: Depositary and Collecting Banks

1. A collecting bank must exercise ordinary care in:

(a)Presenting an item or sending it for presentment;

(b)Sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank’s transferor after learning that the item has not been paid or accepted, as the case may be;

(c)Settling for an item when the bank receives final settlement; and

(d)Notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof. 2. A collecting bank exercises ordinary care under subsection 1 by taking proper action before its midnight deadline following receipt of an item, notice or settlement. Taking proper action within a reasonably longer time may constitute the exercise of ordinary care, but the bank has the burden of establishin

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1. A collecting bank must exercise ordinary care in:
(a) Presenting an item or sending it for presentment;
(b) Sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank’s transferor after learning that the item has not been paid or accepted, as the case may be;
(c) Settling for an item when the bank receives final settlement; and
(d) Notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof.
2. A collecting bank exercises ordinary care under subsection 1 by taking proper action before its midnight deadline following receipt of an item, notice or settlement. Taking proper action within a reasonably longer time may constitute the exercise of ordinary care, but the bank has the burden of establishing timeliness.
3. Subject to paragraph (a) of subsection 1, a bank is not liable for the insolvency, neglect, misconduct, mistake or default of another bank or person or for loss or destruction of or inability to obtain repossession of an item in the possession of others or in transit.

Nevada § 104.4202 (Responsibility for collection or return; when action timely) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.