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Can you summarize MNST 336.3-409?
UNIFORM COMMERCIAL CODE > ACCEPTANCE OF DRAFT; CERTIFIED CHECK.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the acceptance of drafts and certified checks. It defines acceptance as the drawee’s signed agreement to pay a draft as presented, which can be made at any time and becomes effective upon notification or delivery. The document also states that a draft may be accepted even if it is incomplete, overdue, or dishonored. Additionally, it explains that if a draft is payable at a fixed period after sight and the acceptor fails to date the acceptance, the holder may complete the acceptance by supplying a date in good faith. Furthermore, the document defines a certified check as a check accepted by the bank on which it is drawn, and acceptance can be indicated by the drawee’s signature or a writing on the check. It clarifies that the drawee of a check has no obligation to certify it, and refusal to certify is not considered dishonor of the check.
Whom does it apply to?
Drawees and holders of drafts and certified checks
What does it govern?
Acceptance of drafts and certified checks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota