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Can you summarize MNST 336.3-420?
UNIFORM COMMERCIAL CODE > CONVERSION OF INSTRUMENT.
Short Summary
This legal document pertains to the conversion of instruments under the applicable law. It states that an instrument is considered converted if it is taken by transfer from a person not entitled to enforce it or if a bank makes or obtains payment for a person not entitled to enforce it or receive payment. However, the issuer, acceptor, payee, or endorsee who did not receive delivery of the instrument cannot bring an action for conversion. In such cases, the measure of liability is presumed to be the amount payable on the instrument, but recovery cannot exceed the amount of the plaintiff’s interest in the instrument. Additionally, a representative, other than a depositary bank, who has dealt with an instrument or its proceeds in good faith on behalf of someone not entitled to enforce it is not liable in conversion beyond any unpaid proceeds. No specific penalties are mentioned in this document.
Whom does it apply to?
Persons not entitled to enforce the instrument, banks making or obtaining payment for persons not entitled to enforce the instrument or receive payment
What does it govern?
Conversion of personal property applies to instruments
What are exemptions?
Issuers or acceptors of the instrument, payees or endorsers who did not receive delivery of the instrument
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Minnesota