Nevada § 104.4205 Depository bank holder of unendorsed item

Nevada Statutes

§ 104.4205 — Depository bank holder of unendorsed item

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

If a customer delivers an item to a depositary bank for collection:

1.The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer endorses the item, and, if the bank satisfies the other requirements of NRS 104.3302 , it is a holder in due course; and

2.The depositary bank warrants to collecting banks, the payor bank or other payor, and the drawer that the amount of the item was paid to the customer or deposited to the customer’s account.

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If a customer delivers an item to a depositary bank for collection:
1. The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer endorses the item, and, if the bank satisfies the other requirements of NRS 104.3302 , it is a holder in due course; and
2. The depositary bank warrants to collecting banks, the payor bank or other payor, and the drawer that the amount of the item was paid to the customer or deposited to the customer’s account.

Nevada § 104.4205 (Depository bank holder of unendorsed item) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.