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Can you summarize MNST 336.3-204?
UNIFORM COMMERCIAL CODE > ENDORSEMENT.
Short Summary
This legal document, Minnesota Statutes 336.3-204, governs the concept of endorsement in the Uniform Commercial Code. An endorsement refers to a signature made on an instrument for the purpose of negotiating the instrument, restricting payment, or incurring liability. The signature and accompanying words are considered an endorsement unless there are clear indications that the signature was made for a different purpose. The document defines an endorser as a person who makes an endorsement. It also states that an endorsement transferring a security interest in the instrument is effective as an unqualified endorsement. Additionally, it allows the holder of an instrument payable under a different name to endorse it in the name stated in the instrument or in their own name, or both. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Persons involved in negotiating or incurring liability on an instrument
What does it govern?
Endorsement
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota