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Can you summarize MNST 336.3-309?
UNIFORM COMMERCIAL CODE > ENFORCEMENT OF LOST, DESTROYED, OR STOLEN INSTRUMENT.
Short Summary
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the enforcement of lost, destroyed, or stolen instruments. It outlines the conditions under which a person not in possession of an instrument is entitled to enforce it. The person seeking enforcement must have been entitled to enforce the instrument when the loss of possession occurred or have acquired ownership from someone who was entitled to enforce it. The loss of possession must not be the result of a transfer or lawful seizure, and the person must be unable to reasonably obtain possession due to destruction, unknown whereabouts, or wrongful possession by an unknown or untraceable person. The person seeking enforcement must prove the terms of the instrument and their right to enforce it. The court may only enter judgment in favor of the person seeking enforcement if the person required to pay the instrument is adequately protected against potential loss from another claim. The document does not specify any specific penalties or exemptions.
Whom does it apply to?
Persons not in possession of an instrument seeking to enforce it
What does it govern?
Enforcement of lost, destroyed, or stolen instruments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Minnesota