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Can you summarize MNST 336.3-108?
UNIFORM COMMERCIAL CODE > PAYABLE ON DEMAND OR AT DEFINITE TIME.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, provides guidelines for determining whether a promise or order is payable on demand or at a definite time. A promise or order is considered ‘payable on demand’ if it explicitly states so or does not specify any time of payment. On the other hand, a promise or order is ‘payable at a definite time’ if it is payable after a specific period of time, at a fixed date or dates, or at a time or times that can be easily determined at the time of issuance. The document also clarifies that if an instrument is payable at a fixed date but can also be demanded before that date, it is considered payable on demand until the fixed date. This legal provision was repealed in 1992.
Whom does it apply to?
Parties involved in promissory notes and orders
What does it govern?
Payment terms and conditions for promissory notes and orders
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota