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Can you summarize MNST 336.3-308?
UNIFORM COMMERCIAL CODE > PROOF OF SIGNATURES AND STATUS AS HOLDER IN DUE COURSE.
Short Summary
This legal document pertains to an action with respect to an instrument. It establishes that the authenticity and authority of each signature on the instrument is admitted unless specifically denied in the pleadings. The burden of establishing the validity of a signature lies with the person claiming validity. However, signatures are presumed to be authentic and authorized unless the action is to enforce the liability of a purported signer who is deceased or incompetent at the time of trial. If an action is brought against a person as the undisclosed principal of a party who signed the instrument, the plaintiff has the burden of establishing the defendant’s liability. If the validity of signatures is admitted or proved, and there is compliance with the document’s provisions, a plaintiff producing the instrument is entitled to payment if entitlement to enforce the instrument is proven, unless the defendant proves a defense or claim in recoupment. The right to payment of the plaintiff is subject to the defense or claim, except if the plaintiff proves to have the rights of a holder in due course that are not subject to the defense or claim.
Whom does it apply to?
Parties involved in an action with respect to an instrument
What does it govern?
Proof of signatures and status as holder in due course
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Minnesota