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Can you summarize 9A VTST Article 3?
Uniform Commercial Code > COMMERCIAL PAPER
Short Summary
This legal document, part of the Vermont Statutes Uniform Commercial Code, specifically addresses the procedures and rights related to lost, destroyed, or stolen cashier’s checks, teller’s checks, or certified checks. It defines key terms such as ‘check’ and ‘claimant’ and outlines the requirements for asserting a claim to the amount of a check. The document also establishes the enforceability of the claim and the obligations of the obligated bank. It further addresses the obligations of the claimant if the check is paid or dishonored when presented for payment by a person with rights of a holder in due course. Additionally, it allows claimants who are also entitled to enforce a lost, destroyed, or stolen check to assert rights under this section or another section of the title. No specific penalties are mentioned in this document.
Whom does it apply to?
Persons claiming the right to receive the amount of a lost, destroyed, or stolen check
What does it govern?
Procedures and rights related to lost, destroyed, or stolen cashier's checks, teller's checks, or certified checks
What are exemptions?
No specific exemptions are mentioned in this document
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
Vermont