Title 8

NRS 104.2725 Statute of limitations in contracts for sale. 1. An action for breach of any contract for sale must be commenced within 4 years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than 1 year bu…

NRS 104.3101 Short title. This article may be cited as Uniform Commercial Code—Negotiable Instruments. (Added to NRS by 1965, 817; A 1993, 1255; 1995, 1074)

NRS 104.3102 Subject matter. 1. This article applies to negotiable instruments. It does not apply to money, to payment orders governed by article 4A, or to securities governed by article 8. 2. If there is conflict between this article and article 4 or 9, articles 4 and 9 govern. …

NRS 104.3103 Definitions. 1. In this Article: (a) “Acceptor” means a drawee who has accepted a draft. (b) “Drawee” means a person ordered in a draft to make payment. (c) “Drawer” means a person who signs or is identified in a draft as a person ordering payment. (d) “Maker” means …

NRS 104.3104 Negotiable instrument. 1. Except as otherwise provided in subsections 3 and 4, “negotiable instrument” means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it: (a) Is p…

NRS 104.3105 Issue of instrument. 1. “Issue” means: (a) The first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person; or (b) If agreed by the payee, the first transmission by the dra…

NRS 104.3106 Unconditional promise or order. 1. Except as otherwise provided in this section, for the purposes of subsection 1 of NRS 104.3104, a promise or order is unconditional unless it states: (a) An express condition to payment; (b) That the promise or order is subject to o…

NRS 104.3107 Instrument payable in foreign money. Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate …

NRS 104.3108 Payable on demand or at definite time. 1. A promise or order is “payable on demand” if it: (a) States that it is payable on demand or at sight; (b) Otherwise indicates that it is payable at the will of the holder; or (c) Does not state any time of payment. 2. A promi…

NRS 104.3109 Payable to bearer or to order. 1. A promise or order is payable to bearer if it: (a) States that it is payable to bearer or to the order of bearer or otherwise indicates that the person in possession of the promise or order is entitled to payment; (b) Does not state …

NRS 104.3110 Identification of person to whom instrument is payable. 1. The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized, signing as, or in the name or behalf of, the issuer of the instrument. The instrumen…

NRS 104.3111 Place of payment. Except as otherwise provided for items in article 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument…

NRS 104.3112 Interest. 1. Unless otherwise provided in the instrument: (a) An instrument is not payable with interest; and (b) Interest on an interest-bearing instrument is payable from the date of the instrument. 2. Interest may be stated in an instrument as a fixed or variable …

NRS 104.3113 Date of instrument. 1. An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as otherwise provided in subsection 3 of NRS 104.4401, an instrument payable on demand…

NRS 104.3114 Contradictory terms of instrument. If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers. (Added to NRS by 1965, 821; A 1993, 1264)

NRS 104.3115 Incomplete instruments. 1. “Incomplete instrument” means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing that it is incomplete but that the signer intended it to be completed by the addition of words or numbers…

NRS 104.3116 Joint and several liability; contribution. 1. Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, endorsers who endorse as joint payees, or anomalous endorsers are jointly and…

NRS 104.3117 Other agreements affecting instrument. Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented or nullified by a separate agreemen…

NRS 104.3118 Statute of limitations. 1. Except as otherwise provided in subsection 5, an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within 6 years after the due date or dates stated in the note or, if a due date is accel…

NRS 104.3119 Notice of right to defend action. In an action for breach of an obligation for which a third person is answerable over pursuant to this Article or Article 4, the defendant may give the third person notice of the litigation in a record, and the person notified may the…

NRS 104.3201 Negotiation. 1. “Negotiation” means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder. 2. Except for negotiation by a remitter, if an instrument is payable to an i…

NRS 104.3202 Negotiation subject to rescission. 1. Negotiation is effective even if obtained: (a) From an infant, a corporation exceeding its powers or a person without capacity; (b) By fraud, duress or mistake; or (c) In breach of duty or as part of an illegal transaction. 2. To…

NRS 104.3203 Transfer of instrument; rights acquired by transfer. 1. An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument. 2. Transfer of an instrument, w…

NRS 104.3204 Endorsement. 1. “Endorsement” means a signature, other than that of a signer as maker, drawer or acceptor, that alone or accompanied by other words is made on an instrument for the purpose of negotiating the instrument, restricting payment of the instrument, or incur…

NRS 104.3205 Special endorsement; blank endorsement; anomalous endorsement. 1. If an endorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the endorsement identifies a person to whom it makes the instrument payable, …

NRS 104.3206 Restrictive endorsement. 1. An endorsement limiting payment to a particular person or otherwise prohibiting further transfer or negotiation of the instrument is not effective to prevent further transfer or negotiation of the instrument. 2. An endorsement stating a co…

NRS 104.3207 Reacquisition. Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel endorsements made after the reacquirer first became a holder of the instrument. If the …

NRS 104.3301 Person entitled to enforce instrument. 1. “Person entitled to enforce” an instrument means: (a) The holder of the instrument; (b) A nonholder in possession of the instrument who has the rights of a holder; or (c) A person not in possession of the instrument who is en…

NRS 104.3302 Holder in due course. 1. Except as otherwise provided in subsection 3 of this section and subsection 4 of NRS 104.3106, “holder in due course” means the holder of an instrument if: (a) The instrument when issued or negotiated to the holder does not bear such apparent…

NRS 104.3303 Value and consideration. 1. An instrument is issued or transferred for value if: (a) The instrument is issued or transferred for a promise of performance, to the extent the promise has been performed; (b) The transferee acquires a security interest or other lien in t…

NRS 104.3304 Overdue instrument. 1. An instrument payable on demand becomes overdue at the earliest of the following times: (a) On the day after the day demand for payment is duly made; (b) If the instrument is a check, 90 days after its date; or (c) If the instrument is not a ch…

NRS 104.3305 Defenses and claims in recoupment. 1. Except as otherwise provided in this section, the right to enforce the obligation of a party to pay an instrument is subject to the following: (a) A defense of the obligor based on: (1) Infancy of the obligor to the extent it is …

NRS 104.3306 Claims to an instrument. A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover t…

NRS 104.3307 Notice of breach of fiduciary duty. 1. In this section: (a) “Fiduciary” means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument. (b) “Represented person” means the principal, benefi…

NRS 104.3308 Proof of signatures and status as holder in due course. 1. In an action with respect to an instrument, the authenticity of, and authority to make, each signature on the instrument is admitted unless specifically denied in the pleadings. If the validity of a signature…

NRS 104.3309 Enforcement of lost, destroyed or stolen instrument. 1. A person not in possession of an instrument is entitled to enforce the instrument if: (a) The person seeking to enforce the instrument: (1) Was entitled to enforce the instrument when loss of possession occurred…

NRS 104.3310 Effect of instrument on obligation for which taken. 1. Unless otherwise agreed, if a certified check, cashier’s check or teller’s check is taken for an obligation, the obligation is discharged to the same extent discharge would result if an amount of money equal to t…

NRS 104.3311 Accord and satisfaction by use of instrument. 1. If a person against whom a claim is asserted proves that he or she in good faith tendered an instrument to the claimant as full satisfaction of the claim, the amount of the claim was unliquidated or subject to a bona f…

NRS 104.3312 Lost, destroyed or stolen cashier’s check, teller’s check or certified check. 1. In this section: (a) “Check” means a cashier’s check, teller’s check or certified check. (b) “Claimant” means a person who claims the right to receive the amount of a cashier’s check, te…

NRS 104.3401 Signature necessary for liability on instrument. A person is not liable on an instrument unless the person: 1. Signed the instrument; or 2. Is represented by an agent or representative who signed the instrument and the signature is binding on him or her under NRS 104…

NRS 104.3402 Signature by representative. 1. If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person or the name of the signer, the represented person is bound by the signature to the same extent he or…

NRS 104.3403 Unauthorized signature. 1. Unless otherwise provided in this article or article 4, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unautho…

NRS 104.3404 Impostors; fictitious payees. 1. If an impostor, by use of the mails or otherwise, induces the issuer of an instrument to issue the instrument to the impostor, or to a person acting in concert with the impostor, by impersonating the payee of the instrument or a perso…

NRS 104.3405 Employer’s responsibility for fraudulent endorsement by employee. 1. In this section: (a) “Employee” includes an independent contractor and employee of an independent contractor retained by the employer. (b) “Fraudulent endorsement” means: (1) In the case of an instr…

NRS 104.3406 Negligence contributing to forged signature or alteration of instrument. 1. A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged signature on an instrument is precluded from assertin…

NRS 104.3407 Alteration. 1. “Alteration” means an unauthorized: (a) Change in an instrument that purports to modify in any respect the obligation of a party; or (b) Addition of words or numbers or other change to an incomplete instrument relating to the obligation of a party. 2. …