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.4305 – Liability for late or improper execution or failure to execute payment order.
1. If a funds transfer is completed but execution of a payment order by the receiving bank in breach of NRS 104A.4302 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the period of delay caused by […]
NRS 104A.4401 – Payment date.
“Payment date” of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary’s bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary’s bank and, unless otherwise determined, […]
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.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 […]