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Can you summarize MNST 336.3-311?
UNIFORM COMMERCIAL CODE > ACCORD AND SATISFACTION BY USE OF INSTRUMENT.
Short Summary
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the concept of accord and satisfaction by use of an instrument. It outlines the conditions under which a person against whom a claim is asserted can prove that they in good faith tendered an instrument to the claimant as full satisfaction of the claim. The document specifies that the claim must be unliquidated or subject to a bona fide dispute, and the claimant must have obtained payment of the instrument. It further explains that if the instrument or an accompanying written communication contains a conspicuous statement indicating it was tendered as full satisfaction of the claim, the claim is discharged, unless certain exceptions apply. These exceptions include situations where the claimant, if an organization, has designated a specific person, office, or place for communications concerning disputed debts, and the instrument or accompanying communication was not received by that designated entity. Additionally, if the claimant tenders repayment of the instrument amount within 90 days after payment, the claim is not discharged, unless the claimant is an organization that has sent a designated statement. The document also states that if the person against whom the claim is asserted can prove that the claimant knew the instrument was tendered in full satisfaction of the claim before collection was initiated, the claim is discharged. No specific penalties are mentioned in this document.
Whom does it apply to?
Persons against whom a claim is asserted and claimants
What does it govern?
Accord and satisfaction by use of instrument
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Minnesota