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Can you summarize MNST 336.3-417?
UNIFORM COMMERCIAL CODE > PRESENTMENT WARRANTIES.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to presentment warranties in the context of unaccepted drafts and dishonored drafts or instruments presented for payment. It outlines the obligations and warranties of various parties involved, such as drawees, persons obtaining payment or acceptance of drafts, previous transferors of drafts, and persons making payment on dishonored drafts or instruments. The document specifies the warranties that must be made regarding the entitlement to enforce the draft, absence of alterations, authorization of the drawer’s signature, and authorization of remotely created items. It also addresses the rights of drawees to recover damages for breach of warranty, the defenses available to warrantors, and the time limits for asserting claims for breach of warranty. The document further clarifies that the warranties cannot be disclaimed with respect to checks. No specific penalties are mentioned in this document.
Whom does it apply to?
Drawees, persons obtaining payment or acceptance of drafts, previous transferors of drafts, persons making payment on dishonored drafts or instruments
What does it govern?
Presentment warranties in the context of unaccepted drafts and dishonored drafts or instruments presented for payment
What are exemptions?
The warranties stated in subsections (a) and (d) cannot be disclaimed with respect to checks
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Minnesota