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Can you summarize MNST 336.3-103?
UNIFORM COMMERCIAL CODE > DEFINITIONS.
Short Summary
This legal document, Minnesota Statutes 336.3-103, provides definitions for terms used in the Uniform Commercial Code (UCC) Article 3. It applies to parties involved in commercial transactions, including acceptors, consumers, drawees, drawers, makers, remitters, and secondary obligors. The document defines terms such as acceptor, consumer account, consumer transaction, drawee, drawer, maker, order, ordinary care, party, principal obligor, promise, prove, record, remitter, remotely created item, and secondary obligor. It also references other definitions applicable to UCC Article 3, such as acceptance, accommodated party, accommodation party, account, alteration, anomalous endorsement, blank endorsement, cashier’s check, certificate of deposit, certified check, check, consideration, draft, endorsement, endorser, holder in due course, incomplete instrument, instrument, issue, issuer, negotiable instrument, negotiation, note, payable at a definite time, payable on demand, payable to bearer, payable to order, payment, person entitled to enforce, presentment, reacquisition, special endorsement, teller’s check, transfer of instrument, traveler’s check, and value. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Parties involved in commercial transactions, including acceptors, consumers, drawees, drawers, makers, remitters, and secondary obligors
What does it govern?
Definitions and terms used in the Uniform Commercial Code (UCC) Article 3
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota