2015 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 § 1965, 853)
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