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Can you summarize MNST 336.3-413?
UNIFORM COMMERCIAL CODE > OBLIGATION OF ACCEPTOR.
Short Summary
This legal provision, repealed in 1992, pertains to the obligation of the acceptor of a draft to make payment. The acceptor is obliged to pay the draft according to its terms at the time of acceptance. If the acceptance varies the terms of the draft, the acceptor is obligated to pay according to the varied terms. Additionally, if the acceptance is of an incomplete instrument, the acceptor is obliged to pay according to its terms when completed, as stated in sections 336.3-115 and 336.3-407. The obligation is owed to a person entitled to enforce the draft, or to the drawer or an endorser who paid the draft under section 336.3-414 or 336.3-415. The certification or acceptance of a check or draft stating the amount certified or accepted determines the obligation of the acceptor. If the certification or acceptance does not state an amount, but the amount of the instrument is subsequently raised and then negotiated to a holder in due course, the obligation of the acceptor is the amount of the instrument at the time it was taken by the holder in due course.
Whom does it apply to?
Acceptors of drafts
What does it govern?
Obligation of acceptor in relation to payment of a draft
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota