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 […]
NRS 104A.4205 – Erroneous payment orders.
1. If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order erroneously instructed payment to a beneficiary not intended by the sender, erroneously instructed payment in an amount greater than the amount intended by the sender, or was an erroneously transmitted duplicate of a […]
NRS 104A.4206 – Transmission of payment order through funds-transfer or other communication system.
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 […]
NRS 104A.4207 – Misdescription of beneficiary.
1. Except as otherwise provided in subsection 2, if, in a payment order received by the beneficiary’s bank, the name, bank account number or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary of the order and acceptance of the order cannot occur. […]
NRS 104A.4208 – Misdescription of intermediary bank or beneficiary’s bank.
1. If a payment order identifies an intermediary bank or the beneficiary’s bank only by an identifying number, the following rules apply: (a) The receiving bank may rely on the number as the proper identification of the intermediary or beneficiary’s bank and need not determine whether the number identifies a bank. (b) The sender is […]
NRS 104A.4209 – Acceptance of payment order.
1. Except as otherwise provided in subsection 4, a receiving bank other than the beneficiary’s bank accepts a payment order when it executes the order. 2. Except as otherwise provided in subsections 3 and 4, a beneficiary’s bank accepts a payment order at the earliest of the following times: (a) When the bank pays the […]
NRS 104A.4210 – Rejection of payment order.
1. A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically or in writing. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the order or will not execute or pay the […]
NRS 104A.4211 – Cancellation and amendment of payment order.
1. A communication of the sender of a payment order cancelling or amending the order may be transmitted to the receiving bank orally, electronically or in writing. If a security procedure is in effect between the sender and the receiving bank, the communication is not effective to cancel or amend the order unless the communication […]
NRS 104A.4212 – Liability and duty of receiving bank regarding unaccepted payment order.
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 […]