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Can you summarize MNST 336.3-504?
UNIFORM COMMERCIAL CODE > EXCUSED PRESENTMENT AND NOTICE OF DISHONOR.
Short Summary
This legal provision, under the Minnesota Statutes, specifically under the Uniform Commercial Code, governs the excused presentment and notice of dishonor for instruments. It outlines the circumstances under which presentment for payment or acceptance of an instrument is excused, such as when the person entitled to present the instrument cannot reasonably make presentment, or when the maker or acceptor has repudiated an obligation to pay the instrument. The provision also states that notice of dishonor may be excused if it is not necessary to enforce the obligation of a party to pay the instrument or if the party whose obligation is being enforced waived notice of dishonor. Additionally, it mentions that delay in giving notice of dishonor may be excused if the delay was caused by circumstances beyond the control of the person giving the notice and reasonable diligence was exercised after the cause of the delay ceased to operate.
Whom does it apply to?
Parties involved in the payment or acceptance of an instrument
What does it govern?
Excused presentment and notice of dishonor
What are exemptions?
None mentioned
What are the Penalties?
No penalties mentioned
Jurisdiction
Minnesota