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Can you summarize MNST 336.3-109?
UNIFORM COMMERCIAL CODE > PAYABLE TO BEARER OR TO ORDER.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, discusses the concept of a promise or order being payable to bearer or to order. It outlines the conditions under which a promise or order is considered payable to bearer, such as stating it is payable to bearer, not stating a payee, or indicating it is payable to cash or not an identified person. Conversely, it explains that a promise or order not payable to bearer is payable to order if it is payable to an identified person or to an identified person or order. The document also mentions that an instrument payable to bearer may become payable to an identified person if specially endorsed, and an instrument payable to an identified person may become payable to bearer if endorsed in blank. This legal provision was repealed in 1992.
Whom does it apply to?
Parties involved in commercial transactions
What does it govern?
Payable to bearer or to order
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota