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Can you summarize MNST 336.3-503?
UNIFORM COMMERCIAL CODE > NOTICE OF DISHONOR.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to the notice of dishonor for endorsers, drawers, and collecting banks. It states that the obligations of an endorser or drawer cannot be enforced unless they are given notice of dishonor complying with the requirements of this section, or if notice of dishonor is excused under section 336.3-504 (b). Notice of dishonor can be given by any person through various means, such as oral, written, or electronic communication, as long as it reasonably identifies the instrument and indicates that it has been dishonored or not paid or accepted. Return of an instrument given to a bank for collection is considered sufficient notice of dishonor. The document also specifies the timeframes within which notice of dishonor must be given, depending on whether the instrument is taken for collection by a collecting bank or any other instrument. No specific penalties are mentioned in this document.
Whom does it apply to?
Endorsers, drawers, and collecting banks
What does it govern?
Notice of Dishonor
What are exemptions?
Notice of dishonor is excused under section 336.3-504 (b)
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Minnesota