reglab/housing_qa huggingface dataset:
NV Rev Stat § 104.4403 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.4403 - Customer’s right to stop payment; burden of proof of loss.

  1. A customer or any person authorized to draw on the account if there is more than one person, may stop payment of any item drawn on the customer’s account or close the account by an order to the bank describing the item or account with reasonable certainty received at a time and in a manner that affords the bank a reasonable opportunity to act on it before the happening of any of the events described in NRS 104.4303. If the signature of more than one person is required to draw on an account, any of these persons may stop payment or close the account.  2. A stop-payment order is effective for 6 months, but it lapses after 14 calendar days if the original order was oral and was not confirmed in a record within that period. A stop-payment order may be renewed for additional 6-month periods by a record given to the bank within a period during which the stop-payment order is effective.  3. The burden of establishing the fact and amount of loss resulting from the payment of an item contrary to a stop-payment order or order to close an account is on the customer. The loss from payment of an item contrary to a stop-payment order may include damages for dishonor of subsequent items under NRS 104.4402.  (Added to NRS by 1965, 851; A 1993, 1313; 2005, 2008)
NV Rev Stat § 104.4404 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.4404 - Bank not obligated to pay check more than 6 months old.

A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than 6 months after its date, but it may charge its customer’s account for a payment made thereafter.  (Added to NRS by 1965, 851)
NV Rev Stat § 104.4405 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.4405 - Death or incompetence of customer.

  1. A payor or collecting bank’s authority to accept, pay or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes the authority to accept, pay, collect or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it.  2. Even with knowledge, a bank may, for 10 days after the date of death, pay or certify checks drawn by the decedent on or before that date unless ordered to stop payment by a person claiming an interest in the account.  (Added to NRS by 1965, 851; A 1971, 1008; 1993, 1313)
NV Rev Stat § 104.4407 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.4407 - Payor bank’s right to subrogation on improper payment.

If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank is subrogated to the rights:  1. Of any holder in due course on the item against the drawer or maker;  2. Of the payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose; and  3. Of the drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose.  (Added to NRS by 1965, 852; A 1993, 1316)
NV Rev Stat § 104.4501 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.4501 - Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.

A bank which takes a documentary draft for collection must present or send the draft and accompanying documents for presentment and upon learning that the draft has not been paid or accepted in due course must seasonably notify its customer of such fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.  (Added to NRS by 1965, 853)
NV Rev Stat § 104.4502 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.4502 - Presentment of "on arrival" drafts.

When a draft or the relevant instructions require presentment "on arrival," "when goods arrive" or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of such refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods.  (Added to NRS by 1965, 853)
NV Rev Stat § 104.4503 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.4503 - Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.

Unless otherwise instructed and except as provided in article 5 a bank presenting a documentary draft:  1. Must deliver the documents to the drawee on acceptance of the draft if it is payable more than 3 days after presentment; otherwise, only on payment; and  2. Upon dishonor, either in the case of presentment for acceptance or presentment for payment, may seek and follow instructions from any referee in case of need designated in the draft or if the presenting bank does not choose to utilize the referee’s services it must use diligence and good faith to ascertain the reason for dishonor, must notify its transferor of the dishonor and of the results of its effort to ascertain the reasons therefor and must request instructions.  But the presenting bank is under no obligation with respect to goods represented by the documents except to follow any reasonable instructions seasonably received; it has a right to reimbursement for any expense incurred in following instructions and to prepayment of or indemnity for such expenses.  (Added to NRS by 1965, 853)
NV Rev Stat § 104.4504 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.4504 - Privilege of presenting bank to deal with goods; security interest for expenses.

  1. A presenting bank which, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell or otherwise deal with the goods in any reasonable manner.  2. For its reasonable expenses incurred by action under subsection 1 the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller’s lien.  (Added to NRS by 1965, 853)
NV Rev Stat § 104.5101 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.5101 - Short title.

This article may be cited as Uniform Commercial Code — Letters of Credit.  (Added to NRS by 1965, 854; A 1997, 376)
NV Rev Stat § 104.5103 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.5103 - Scope.

  1. This Article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.  2. The statement of a rule in this Article does not by itself require, imply or negate application of the same or a different rule to a situation not provided for, or to a person not specified, in this Article.  3. Except as otherwise provided in this subsection, subsections 1 and 4 of this section, paragraphs (i) and (j) of subsection 1 of NRS 104.5102, subsection 4 of NRS 104.5106 and subsection 4 of NRS 104.5114, and except to the extent prohibited in NRS 104.1302 and subsection 4 of NRS 104.5117, the effect of this Article may be varied by agreement or by a provision stated or incorporated by reference in an undertaking. A term in an agreement or undertaking generally excusing liability or generally limiting remedies for failure to perform obligations is not sufficient to vary obligations prescribed by this Article.  4. Rights and obligations of an issuer to a beneficiary or a nominated person under a letter of credit are independent of the existence, performance or nonperformance of a contract or arrangement out of which the letter of credit arises or which underlies it, including contracts or arrangements between the issuer and the applicant and between the applicant and the beneficiary.  (Added to NRS by 1965, 854; A 1997, 376; 2005, 857)
NV Rev Stat § 104.5104 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.5104 - Formal requirements.

A letter of credit, confirmation, advice, transfer, amendment or cancellation may be issued in any form that is a record and is authenticated by a signature or in accordance with the agreement of the parties or the standard practice referred to in subsection 5 of NRS 104.5108.  (Added to NRS by 1965, 855; A 1997, 379)
NV Rev Stat § 104.5105 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.5105 - Consideration.

Consideration is not required to issue, amend, transfer or cancel a letter of credit, advice or confirmation.  (Added to NRS by 1965, 855; A 1997, 379)
NV Rev Stat § 104.5106 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.5106 - Issuance, amendment, cancellation and duration.

  1. A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides.  2. After a letter of credit is issued, rights and obligations of a beneficiary, applicant, confirmer and issuer are not affected by an amendment or cancellation to which he or she has not consented except to the extent the letter of credit provides that it is revocable or that the issuer may amend or cancel the letter of credit without that consent.  3. If there is no stated expiration date or other provision that determines its duration, a letter of credit expires 1 year after its stated date of issuance or, if none is stated, after the date on which it is issued.  4. A letter of credit which states that it is perpetual expires 5 years after its stated date of issuance, or if none is stated, after the date on which it is issued.  (Added to NRS by 1965, 855; A 1997, 379)
NV Rev Stat § 104.5107 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.5107 - Confirmer, nominated person and adviser.

  1. A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer were an applicant and the confirmer had issued the letter of credit at the request and for the account of the issuer.  2. A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation.  3. A person requested to advise may decline to act as an adviser. An adviser that is not a confirmer is not obligated to honor or give value for a presentation. An adviser undertakes to the issuer and to the beneficiary accurately to advise the terms of the letter of credit, confirmation, amendment or advice received by the adviser and undertakes to the beneficiary to check the apparent authenticity of the request to advise. Even if the advice is inaccurate, the letter of credit, confirmation or amendment is enforceable as issued.  4. A person who notifies a transferee beneficiary of the terms of a letter of credit, confirmation, amendment or advice has the rights and obligations of an adviser under subsection 3. The terms in the notice to the transferee beneficiary may differ from the terms in any notice to the transferor beneficiary to the extent permitted by the letter of credit, confirmation, amendment or advice received by the person who so notifies.  (Added to NRS by 1965, 855; A 1997, 380)
NV Rev Stat § 104.5109 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.5109 - Fraud and forgery.

  1. If a presentation is made that appears on its face strictly to comply with the terms and conditions of a letter of credit, but a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant:  (a) The issuer shall honor the presentation, if honor is demanded by a nominated person who has given value in good faith and without notice of forgery or material fraud, a confirmer who has honored his or her confirmation in good faith, a holder in due course of a draft drawn under the letter of credit which was taken after acceptance by the issuer or nominated person, or an assignee of the issuer’s or nominated person’s deferred obligation that was taken for value and without notice of forgery or material fraud after the obligation was incurred by the issuer or nominated person; and  (b) The issuer, acting in good faith, may honor or dishonor the presentation in any other case.  2. If an applicant claims that a required document is forged or materially fraudulent or that honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant, a court of competent jurisdiction may temporarily or permanently enjoin the issuer from honoring the presentation or grant similar relief against the issuer or other persons only if the court finds that:  (a) The relief is not prohibited under the law applicable to an accepted draft or deferred obligation incurred by the issuer;  (b) A beneficiary, issuer or nominated person who may be adversely affected is adequately protected against loss that it may suffer because the relief is granted;  (c) All of the conditions to entitle a person to the relief under the law of this State have been met; and  (d) On the basis of the information submitted to the court, the applicant is more likely than not to succeed under its claim of forgery or material fraud and the person demanding honor does not qualify for protection under paragraph (a) of subsection 1.  (Added to NRS by 1997, 356)
NV Rev Stat § 104.5110 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.5110 - Warranties.

  1. If its presentation is honored, the beneficiary warrants:  (a) To the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in subsection 1 of NRS 104.5109; and  (b) To the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.  2. The warranties in subsection 1 are in addition to warranties arising under articles 3, 4, 7 and 8 because of the presentation or transfer of documents covered by any of those articles.  (Added to NRS by 1965, 857; A 1997, 382)
NV Rev Stat § 104.5111 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.5111 - Remedies.

  1. If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor or nominated person presenting on its own behalf may recover from the issuer the amount that is the subject of the dishonor or repudiation. If the issuer’s obligation under the letter of credit is not for the payment of money, the claimant may obtain specific performance or, at the claimant’s election, recover an amount equal to the value of performance from the issuer. In either case, the claimant may also recover incidental but not consequential damages. The claimant is not obligated to take action to avoid damages that might be due from the issuer under this subsection. If, although not obligated to do so, the claimant avoids damages, the claimant’s recovery from the issuer must be reduced by the amount of damages avoided. The issuer has the burden of proving the amount of damages avoided. In the case of repudiation the claimant need not present any document.  2. If an issuer wrongfully dishonors a draft or demand presented under a letter of credit or honors a draft or demand in breach of its obligation to the applicant, the applicant may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach.  3. If an adviser or nominated person other than a confirmer breaches an obligation under this article or an issuer breaches an obligation not covered in subsection 1 or 2, a person to whom the obligation is owed may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach. To the extent of the confirmation, a confirmer has the liability of an issuer specified in this subsection and subsections 1 and 2.  4. An issuer, nominated person or adviser who is found liable under subsection 1, 2 or 3 shall pay interest on the amount owed thereunder from the date of wrongful dishonor or other appropriate date.  5. Reasonable attorney’s fees and other expenses of litigation must be awarded to the prevailing party in an action in which a remedy is sought under this article.  6. Damages that would otherwise be payable by a party for breach of an obligation under this article may be liquidated by agreement or undertaking, but only in an amount or by a formula that is reasonable in light of the harm anticipated.  (Added to NRS by 1965, 858; A 1997, 383)
NV Rev Stat § 104.5112 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.5112 - Transfer of letter of credit.

  1. Except as otherwise provided in NRS 104.5113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under the letter of credit may not be transferred.  2. Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:  (a) The transfer would violate applicable law; or  (b) The transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer which is within the standard practice referred to in subsection 5 of NRS 104.5108 or is otherwise reasonable under the circumstances.  (Added to NRS by 1965, 858; A 1973, 934; 1997, 384)
NV Rev Stat § 104.5113 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.5113 - Transfer by operation of law.

  1. A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.  2. A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in subsection 5, an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice referred to in subsection 5 of NRS 104.5108 or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer.  3. An issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized.  4. Honor of a purported successor’s apparently complying presentation under subsection 1 or 2 has the consequences specified in subsection 9 of NRS 104.5108 even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person who is neither the beneficiary nor the successor of the beneficiary are forged documents for the purposes of NRS 104.5109.  5. An issuer whose rights of reimbursement are not covered by subsection 4 or substantially similar law and any confirmer or nominated person may decline to recognize a presentation under subsection 2.  6. A beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section.  (Added to NRS by 1997, 357)
NV Rev Stat § 104.5114 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.5114 - Assignment of proceeds.

  1. As used in this section, "proceeds of a letter of credit" means the cash, check, accepted draft or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary’s drawing rights or documents presented by the beneficiary.  2. A beneficiary may assign its right to part or all of the proceeds of a letter of credit. The beneficiary may do so before presentation as a present assignment of its right to receive proceeds contingent upon its compliance with the terms and conditions of the letter of credit.  3. An issuer or nominated person need not recognize an assignment of proceeds of a letter of credit until it consents to the assignment.  4. An issuer or nominated person has no obligation to give or withhold its consent to an assignment of proceeds of a letter of credit, but consent may not be unreasonably withheld if the assignee possesses and exhibits the letter of credit and presentation of the letter of credit is a condition to honor.  5. The rights of a transferee beneficiary or nominated person are independent of the beneficiary’s assignment of the proceeds of a letter of credit and are superior to the assignee’s right to the proceeds.  6. The rights recognized by this section between an assignee and an issuer, transferee beneficiary or nominated person and the issuer’s or nominated person’s payment of proceeds to an assignee or a third person do not affect the rights between the assignee and any person other than the issuer, transferee beneficiary or nominated person. The mode of creating and perfecting a security interest in or granting an assignment of a beneficiary’s rights to proceeds is governed by article 9 or other law. Against persons other than the issuer, transferee beneficiary or nominated person, the rights and obligations arising upon the creation of a security interest or other assignment of a beneficiary’s right to proceeds and its perfection are governed by article 9 or other law.  (Added to NRS by 1997, 357)
NV Rev Stat § 104.5115 (2021)
2021 Nevada Revised Statutes|Chapter 104 - Uniform Commercial Code — Original Articles|NRS 104.5115 - Statute of limitations.

An action to enforce a right or obligation arising under this article must be commenced within 1 year after the expiration date of the relevant letter of credit or 1 year after the claim for relief accrues, whichever occurs later. A claim for relief accrues when the breach occurs, regardless of the aggrieved party’s lack of knowledge of the breach.  (Added to NRS by 1997, 358)