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Can you summarize MNST 336.3-205?
UNIFORM COMMERCIAL CODE > SPECIAL ENDORSEMENT; BLANK ENDORSEMENT; ANOMALOUS ENDORSEMENT.
Short Summary
This section of the Minnesota Statutes, under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, discusses special endorsement, blank endorsement, and anomalous endorsement. A special endorsement occurs when the holder of an instrument endorses it to a specific person, making the instrument payable only to that person. A blank endorsement, on the other hand, occurs when the holder endorses the instrument without specifying a person, making it payable to bearer and allowing it to be negotiated by transfer of possession alone. The holder can convert a blank endorsement into a special endorsement by adding words identifying the person to whom the instrument is payable. An anomalous endorsement refers to an endorsement made by someone who is not the holder of the instrument, and it does not affect the negotiation of the instrument. This section provides definitions and explanations for these types of endorsements, and it also references the principles stated in section 336.3-110. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Holders of negotiable instruments
What does it govern?
Special endorsement, blank endorsement, anomalous endorsement
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota