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Can you summarize MNST 336.3-118?
UNIFORM COMMERCIAL CODE > STATUTE OF LIMITATIONS.
Short Summary
This statute of limitations, found in the Minnesota Statutes under the Uniform Commercial Code, governs the time limits within which actions can be brought to enforce various obligations. The statute specifies different time periods for different types of obligations. For example, an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within six years after the due date or dates stated in the note. Similarly, an action to enforce the obligation of the acceptor of a certified check or the issuer of a teller’s check, cashier’s check, or traveler’s check must be commenced within three years after demand for payment is made. The statute also provides time limits for actions related to unaccepted drafts and certificates of deposit. It is important for parties involved in these types of obligations to be aware of the applicable statute of limitations to ensure timely enforcement of their rights.
Whom does it apply to?
Parties involved in notes, drafts, certified checks, teller's checks, cashier's checks, traveler's checks, and certificates of deposit
What does it govern?
Statute of limitations for various types of obligations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota