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Can you summarize MNST 336.3-110?
UNIFORM COMMERCIAL CODE > IDENTIFICATION OF PERSON TO WHOM INSTRUMENT IS PAYABLE.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the identification of the person to whom a financial instrument is payable. The document states that the person to whom an instrument is initially payable is determined by the intent of the person signing as, or on behalf of, the issuer of the instrument. The instrument is payable to the person intended by the signer, even if the identification on the instrument does not match the intended person. If multiple signers do not intend the same payee, the instrument is payable to any person intended by one or more of the signers. The document also covers situations where the issuer’s signature is made by automated means, and it clarifies that the payee is determined by the intent of the person who supplied the payee’s name or identification. Additionally, the document provides rules for identifying the holder of an instrument when it is payable to an account, trust, estate, representative, fund, organization, or office. It also explains the rules for instruments payable to multiple persons alternatively or jointly. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Issuers and recipients of financial instruments
What does it govern?
Identification of the person to whom an instrument is payable
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota