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Can you summarize MNST 336.3-603?
UNIFORM COMMERCIAL CODE > TENDER OF PAYMENT.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the tender of payment for obligations related to instruments. It states that if payment is tendered to a person entitled to enforce the instrument, the principles of law applicable to tender of payment under a simple contract apply. If the tender of payment is refused, the obligation of an endorser or accommodation party with a right of recourse is discharged to the extent of the tendered amount. Additionally, if payment is tendered to a person entitled to enforce the instrument, the obligor’s obligation to pay interest after the due date on the amount tendered is discharged. If presentment is required and the obligor is able and ready to pay on the due date at every place of payment stated in the instrument, the obligor is deemed to have made tender of payment on the due date to the person entitled to enforce the instrument.
Whom does it apply to?
Persons entitled to enforce the instrument, endorsers, accommodation parties, obligors
What does it govern?
Tender of payment
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota