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Can you summarize KYRS 355.3-417?
Negotiable Instruments > Presentment warranties.
Short Summary
This legal document, found in the Kentucky Revised Statutes under the Uniform Commercial Code, specifically in the section on Negotiable Instruments, governs presentment warranties. It applies to drawees, persons obtaining payment or acceptance, previous transferors of the draft, persons making payment, and persons presenting dishonored drafts or other instruments for payment. The document establishes warranties that the person obtaining payment or acceptance and the previous transferor of the draft make to the drawee. These warranties include being entitled to enforce the draft, no alteration of the draft, no knowledge of unauthorized signature of the drawer, and authorization for remotely created items. The document also outlines the rights of the drawee to recover damages for breach of warranty, the defenses that warrantors may use, and the time limits for asserting claims for breach of warranty. The warranties stated in subsections (1) and (4) cannot be disclaimed with respect to checks. However, no specific penalties are mentioned in this document.
Whom does it apply to?
Drawees, persons obtaining payment or acceptance, previous transferors of the draft, persons making payment, persons presenting dishonored drafts or other instruments for payment
What does it govern?
Presentment warranties
What are exemptions?
The warranties stated in subsections (1) and (4) of this section cannot be disclaimed with respect to checks.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Kentucky