NRS 104A.4402 – Obligation of sender to pay receiving bank.
1. This section is subject to NRS 104A.4205 and 104A.4207. 2. With respect to a payment order issued to the beneficiary’s bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but payment is not due until the payment date of the order. 3. This […]
NRS 104A.4403 – Payment by sender to receiving bank.
1. Payment of the sender’s obligation under NRS 104A.4402 to pay the receiving bank occurs as follows: (a) If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a Federal Reserve bank or through a funds-transfer system. (b) If the sender is a bank and the […]
NRS 104A.4404 – Obligation of beneficiary’s bank to pay and give notice to beneficiary.
1. Except as otherwise provided in subsection 5 of NRS 104A.4211 and subsections 4 and 5 of NRS 104A.4405, if a beneficiary’s bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but […]
NRS 104A.4405 – Payment by beneficiary’s bank to beneficiary.
1. If the beneficiary’s bank credits an account of the beneficiary of a payment order, payment of the bank’s obligation under subsection 1 of NRS 104A.4404 occurs when and to the extent the beneficiary is notified of the right to withdraw the credit, the bank lawfully applies the credit to a debt of the beneficiary, […]
NRS 104A.4301 – Execution and execution date.
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 beneficiary’s bank can be accepted but cannot be executed. 2. “Execution date” of a payment order means the day on which the […]
NRS 104A.4302 – Obligation of receiving bank in execution of payment order.
1. Except as otherwise provided in subsections 2, 3 and 4, if the receiving bank accepts a payment order pursuant to subsection 1 of NRS 104A.4209, the bank has the following obligations in executing the order: (a) The receiving bank is obliged to issue, on the execution date, a payment order complying with the sender’s […]
NRS 104A.4303 – Erroneous execution of payment order.
1. A receiving bank that executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender’s order, or issues a payment order in execution of the sender’s order and then issues a duplicate order, is entitled to payment of the amount of the sender’s […]
NRS 104A.4304 – Duty of sender to report erroneously executed payment order.
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 sender’s account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information […]
NRS 104A.4203 – Unenforceability of certain verified payment orders.
1. If an accepted payment order is not, under subsection 1 of NRS 104A.4202, an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to subsection 2 of NRS 104A.4202, the following rules apply: (a) By express written agreement, the receiving bank may limit the extent […]
NRS 104A.4204 – Refund of payment and duty of customer to report with respect to unauthorized payment order.
1. If a receiving bank accepts a payment order issued in the name of its customer as sender which is not authorized and not effective as the order of the customer under NRS 104A.4202, or not enforceable, in whole or in part, against the customer under NRS 104A.4203, the bank shall refund any payment of […]