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Can you summarize MNST 336.3-505?
UNIFORM COMMERCIAL CODE > EVIDENCE OF DISHONOR.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically addresses the evidence of dishonor in commercial transactions. It outlines the admissible evidence that creates a presumption of dishonor and notice of dishonor. The document states that a document regular in form, such as a protest, can be used as evidence. Additionally, a stamp or writing of the drawee, payor bank, or presenting bank refusing acceptance or payment can also be considered evidence of dishonor. Furthermore, a book or record of the drawee, payor bank, or collecting bank showing dishonor can be used as evidence. The document defines a protest as a certificate of dishonor made by authorized individuals, such as a United States consul, vice consul, notary public, or other person authorized to administer oaths. The protest must identify the instrument, certify whether presentment has been made, and state the reason for non-presentment if applicable. It must also certify that the instrument has been dishonored by nonacceptance or nonpayment and may certify that notice of dishonor has been given to some or all parties involved. This document was repealed in 1992.
Whom does it apply to?
Parties involved in commercial transactions
What does it govern?
Evidence of dishonor
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota