Title 8

NRS 104A.2506 Statute of limitations. 1. An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within 4 years after the cause of action accrued. In a lease that is not a consumer lease, by the original lease contract the partie…

NRS 104A.2507 Proof of market rent: Time and place. 1. Damages based on market rent (NRS 104A.2519 or 104A.2528) are determined according to the rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prev…

NRS 104A.2508 Lessee’s remedies. 1. If a lessor fails to deliver the goods in conformity to the lease contract (NRS 104A.2509) or repudiates the lease contract (NRS 104A.2402), or a lessee rightfully rejects the goods (NRS 104A.2509) or justifiably revokes acceptance of the goods…

NRS 104A.2509 Lessee’s rights on improper delivery; rightful rejection. 1. Subject to the provisions of NRS 104A.2510 on default in installment lease contracts, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may reject or a…

NRS 104A.2510 Installment lease contracts: Rejection and default. 1. Under an installment lease contract a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and cannot be cured or the nonconformity is a defe…

NRS 104A.2511 Merchant lessee’s duties as to rightfully rejected goods. 1. Subject to any security interest of a lessee (subsection 5 of NRS 104A.2508), if a lessor or a supplier has no agent or place of business at the market of rejection, a merchant lessee, after rejection of g…

NRS 104A.2512 Lessee’s duties as to rightfully rejected goods. 1. Except as otherwise provided with respect to goods that threaten to decline in value speedily (NRS 104A.2511) and subject to any security interest of a lessee (subsection 5 of NRS 104A.2508): (a) The lessee, after …

NRS 104A.2513 Cure by lessor of improper tender or delivery; replacement. 1. If any tender or delivery by the lessor or the supplier is rejected because nonconforming and the time for performance has not yet expired, the lessor or the supplier may seasonably notify the lessee of …

NRS 104A.2514 Waiver of lessee’s objections. 1. In rejecting goods, a lessee’s failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default: (a) If, stated seasonab…

NRS 104A.2515 Acceptance of goods. 1. Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and: (a) The lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conf…

NRS 104A.2516 Effect of acceptance of goods; notice of default; burden of establishing default after acceptance; notice of claim or litigation to person answerable over. 1. A lessee must pay rent for any goods accepted in accordance with the lease contract, with due allowance for…

NRS 104A.2517 Revocation of acceptance of goods. 1. A lessee may revoke acceptance of a lot or commercial unit whose nonconformity substantially impairs its value to the lessee if the lessee has accepted it: (a) Except in the case of a finance lease, on the reasonable assumption …

NRS 104A.2518 Cover; substitute goods. 1. After default by a lessor under a lease contract of the type described in subsection 1 of NRS 104A.2508, or, if agreed after other default by the lessor, the lessee may cover by making any purchase or lease of or contract to purchase or l…

NRS 104A.2519 Lessee’s damages for nondelivery, repudiation, default and breach of warranty in regard to accepted goods. 1. Except as otherwise provided with respect to damages liquidated in the lease agreement (NRS 104A.2504) or otherwise determined pursuant to agreement of the …

NRS 104A.2520 Lessee’s incidental and consequential damages. 1. Incidental damages resulting from a lessor’s default include expenses reasonably incurred in inspection, receipt, transportation, and care and custody of goods rightfully rejected or goods the acceptance of which is …

NRS 104A.2521 Lessee’s right to specific performance or replevin. 1. Specific performance may be decreed if the goods are unique or in other proper circumstances. 2. A decree for specific performance may include any terms and conditions as to payment of the rent, damages or other…

NRS 104A.2522 Lessee’s right to goods on lessor’s insolvency. 1. Subject to subsection 2 and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (NRS 104A.2217) on making and keeping go…

NRS 104A.2523 Lessor’s remedies. 1. If a lessee wrongfully rejects or revokes acceptance of goods or fails to make a payment when due or repudiates with respect to a part or the whole, then, with respect to any goods involved, and with respect to all of the goods if under an inst…

NRS 104A.2524 Lessor’s right to identify goods to lease contract. 1. After default by the lessee under the lease contract of the type described in subsection 1 or paragraph (a) of subsection 3 of NRS 104A.2523 or, if agreed, after other default by the lessee, the lessor may: (a) …

NRS 104A.2525 Lessor’s right to possession of goods. 1. If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods. 2. After a default by the lessee under the lease contract of the type described in subsection 1 or paragraph (a) of subsection 3 o…

NRS 104A.2526 Lessor’s stoppage of delivery in transit or otherwise. 1. A lessor may stop delivery of goods in the possession of a carrier or other bailee if the lessor discovers the lessee to be insolvent and may stop delivery of carload, truckload, planeload or larger shipments…

NRS 104A.2527 Lessor’s rights to dispose of goods. 1. After a default by a lessee under the lease contract of the type described in subsection 1 or paragraph (a) of subsection 3 of NRS 104A.2523 or after the lessor refuses to deliver or takes possession of goods (NRS 104A.2525 or…

NRS 104A.2528 Lessor’s damages for nonacceptance, failure to pay, repudiation or other default. 1. Except as otherwise provided with respect to damages liquidated in the lease agreement (NRS 104A.2504) or otherwise determined pursuant to agreement of the parties (NRS 104.1302 and…

NRS 104A.2529 Lessor’s action for the rent. 1. After default by the lessee under the lease contract of the type described in subsection 1 or paragraph (a) of subsection 3 of NRS 104A.2523 or, if agreed, after other default by the lessee, if the lessor complies with subsection 2, …

NRS 104A.2530 Lessor’s incidental damages. Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses or commissions incurred in stopping delivery, in the transportation, care and custody of goods after the lessee’s default, in connection with…

NRS 104A.2531 Standing to sue third parties for injury to goods. 1. If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party to the lease contract: (a) The lessor has a right of action against the third party; and…

NRS 104A.2532 Lessor’s rights to residual interest. In addition to any other recovery permitted by this article or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor’s residual interest in the …

NRS 104A.4101 Short title. This article may be cited as Uniform Commercial Code—Funds Transfers. (Added to NRS by 1991, 430)

NRS 104A.4102 Subject matter. Except as otherwise provided in NRS 104A.4108, this article applies to funds transfers defined in NRS 104A.4104. (Added to NRS by 1991, 430)

NRS 104A.4103 Payment order: Definitions. 1. In this article: (a) “Payment order” means an instruction of a sender to a receiving bank, transmitted orally or in a record, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if: (1) The…

NRS 104A.4104 Funds transfer: Definitions. 1. “Funds transfer” means the series of transactions, beginning with the originator’s payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator’s b…

NRS 104A.4105 Other definitions. 1. In this Article: (a) “Authorized account” means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, an…

NRS 104A.4106 Time payment order is received. 1. The time of receipt of a payment order or communication cancelling or amending a payment order is determined by the rules applicable to receipt of a notice stated in NRS 104.1202. A receiving bank may fix a cutoff time or times of …

NRS 104A.4107 Federal Reserve regulations and operating circulars. Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve banks supersede any inconsistent provision of this article to the extent of the inconsistency. (Ad…

NRS 104A.4108 Exclusion of certain consumer transactions governed by federal law; resolution of inconsistencies between federal law and state law. 1. Except as otherwise provided in subsection 2, this article does not apply to a funds transfer any part of which is governed by the…

NRS 104A.4201 Security procedure. 1. “Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of: (a) Verifying that a payment order or communication amending or cancelling a payment order is that of the customer; or (b) D…

NRS 104A.4202 Authorized and verified payment orders. 1. A payment order received by the receiving bank is the authorized order of the person identified as sender if the person authorized the order or is otherwise bound by it under the law of agency. 2. If a bank and its customer…

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 104…

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 …

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 …

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 dee…

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 ac…

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 identific…

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 …

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 or in a record. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving ba…

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 or in a record. If a security procedure is in effect between the sender and the receivin…