Nevada Revised Statutes 104.4303 – When items subject to notice, stop-payment order, legal process or setoff; order in which items may be charged or certified
1. Any knowledge, notice or stop-payment order received by, legal process served upon, or setoff exercised by a payor bank comes too late to terminate, suspend or modify the bank’s right or duty to pay an item or to charge its customer‘s account for the item if the knowledge, notice, stop-payment order or legal process is received or served and a reasonable time for the bank to act thereon expires or the setoff is exercised after the earliest of the following:
Terms Used In Nevada Revised Statutes 104.4303
- Account: means any deposit or credit account with a bank including a demand, time, savings, passbook, share draft or like account, other than an account evidenced by a certificate of deposit. See Nevada Revised Statutes 104.4104
- Banking day: means that part of any day on which a bank is open to the public for carrying on substantially all of its banking functions. See Nevada Revised Statutes 104.4104
- Clearinghouse: means any association of banks or other payors regularly clearing items. See Nevada Revised Statutes 104.4104
- Customer: means any person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. See Nevada Revised Statutes 104.4104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Nevada Revised Statutes 104.4104
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Statute: A law passed by a legislature.
(a) The bank accepts or certifies the item;
(b) The bank pays the item in cash;
(c) The bank settles for the item without having a right to revoke the settlement under statute, clearinghouse rule, or agreement;
(d) The bank becomes accountable for the amount of the item under NRS 104.4302 dealing with the payor bank’s responsibility for late return of items; or
(e) With respect to checks, a cutoff hour no earlier than 1 hour after the opening of the next banking day after the banking day on which the bank received the check and no later than the close of that next banking day or, if no cutoff hour is fixed, the close of the next banking day after the banking day on which the bank received the check.
2. Subject to the provisions of subsection 1 items may be accepted, paid, certified or charged to the indicated account of its customer in any order.