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Can you summarize MNST 336.3-106?
UNIFORM COMMERCIAL CODE > UNCONDITIONAL PROMISE OR ORDER.
Short Summary
This legal provision, section 336.3-106 of the Minnesota Statutes, falls under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code (UCC). It defines the concept of an unconditional promise or order in the context of commercial transactions. According to this provision, a promise or order is considered unconditional unless it includes specific conditions to payment, references another record without making the promise or order conditional, or states that rights or obligations are stated in another record. The provision also clarifies that certain references to other records, statements regarding collateral, prepayment, acceleration, or limited payment sources do not make the promise or order conditional. Additionally, it addresses the requirement of countersignature and its impact on the conditionality of the promise or order. Furthermore, it discusses the effect of statements in the promise or order regarding claims or defenses that the issuer could assert against the original payee. Overall, this provision provides guidance on the interpretation and application of unconditional promises or orders in commercial transactions governed by the UCC.
Whom does it apply to?
Parties involved in commercial transactions governed by the UCC
What does it govern?
Unconditional promises or orders in the context of the Uniform Commercial Code (UCC)
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota