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Can you summarize MNST 336.3-104?
UNIFORM COMMERCIAL CODE > NEGOTIABLE INSTRUMENT.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, defines and regulates negotiable instruments. A negotiable instrument is an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges. It must be payable to bearer or to order, payable on demand or at a definite time, and must not contain any other undertaking or instruction beyond the payment of money. The document also specifies that an order meeting the requirements of a check is considered a negotiable instrument. It further distinguishes between notes and drafts, and provides definitions for terms such as check, cashier’s check, teller’s check, traveler’s check, and certificate of deposit. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Holders and issuers of negotiable instruments
What does it govern?
Negotiable instruments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota