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Can you summarize MNST 336.3-501?
UNIFORM COMMERCIAL CODE > PRESENTMENT.
Short Summary
This legal document, Minnesota Statutes 336.3-501, defines and governs the process of presentment of negotiable instruments. Presentment refers to a demand made by or on behalf of a person entitled to enforce an instrument to pay or accept the instrument. The document outlines the rules for presentment, including the place of presentment, means of communication, and effectiveness of presentment. It also specifies the obligations of the person making presentment, such as exhibiting the instrument, providing identification and evidence of authority, and signing a receipt. The document allows the party to whom presentment is made to return the instrument for lack of endorsement or refuse payment or acceptance if the presentment does not comply with the terms of the instrument or applicable laws. Additionally, it mentions that presentment may be treated as occurring on the next business day if made after a cutoff hour established by the party to whom presentment is made. This document was repealed in 1992.
Whom does it apply to?
Persons entitled to enforce an instrument, drawees, parties obliged to pay the instrument, and banks
What does it govern?
Presentment of negotiable instruments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota