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Can you summarize MNST 336.3-502?
UNIFORM COMMERCIAL CODE > DISHONOR.
Short Summary
This legal document governs the dishonor of notes and drafts. It provides rules for determining when a note or draft is considered dishonored. The rules vary depending on whether the instrument is payable on demand or at a future date, and whether it is a note or a draft. The document outlines the requirements for presentment of the instrument and the consequences of non-payment. It also covers the dishonor of unaccepted documentary drafts and accepted drafts. The document does not mention any specific exemptions or penalties. Overall, it establishes the legal framework for handling dishonored notes and drafts in commercial transactions.
Whom does it apply to?
Makers, payors, drawees, and acceptors of notes and drafts
What does it govern?
Dishonor of notes and drafts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota