Nevada § 104A.4506 - Rate of interest
Full text of Nevada Nevada Revised Statutes § 104A.4506 — Rate of interest, with citation guidance and answers to common questions.
§ 104A.4506. Rate of interest
1. If, under this article, a receiving bank is obliged to pay interest with respect
to a payment order issued to the bank, the amount payable may be determined: (a) By agreement of the sender and receiving bank; or (b) By a funds-transfer system rule if the payment order is transmitted through a
funds-transfer system. 2. If the amount of interest is not determined by an agreement or rule as stated in
subsection 1, the amount is calculated by multiplying the applicable Federal Funds
rate by the amount on which interest is payable, and then multiplying the product
by the number of days for which interest is payable. The applicable Federal Funds rate is the average of the Federal Funds rates published
by the Federal Reserve bank of New York for each of the days for which interest is
payable divided by 360. The Federal Funds rate for any day on which a published rate is not available is the
same as the published rate for the next preceding day for which there is a published
rate. If a receiving bank that accepted a payment order is required to refund payment to
the sender of the order because the funds transfer was not completed, but the failure
to complete was not due to any fault by the bank, the interest payable is reduced
by a percentage equal to the reserve requirement on deposits of the receiving bank.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 104A.4506
What does Nevada Revised Statutes § 104A.4506 cover?
Section 104A.4506 ("Rate of interest") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 104A.4506?
A common citation format is "Nevada Revised Statutes § 104A.4506" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 104A.4506 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.