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NRS 104.3202

Negotiation subject to rescission

Known as the Uniform Commercial Code

The act spans §§ 104–104 (489 sections).

Applied in 1 court decision — leading case Abbott v. Second Judicial District Court (1974)

Most recently applied in Abbott v. Second Judicial District Court (August 1974)

(Added to NRS by 1965, 824; A 1993, 1271)

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 To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for rescission or other remedy.

Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.