Ask Reggi Your Question Now
Can you summarize MNST 336.4-104?
UNIFORM COMMERCIAL CODE > DEFINITIONS AND INDEX OF DEFINITIONS.
Short Summary
This article of the Uniform Commercial Code (UCC) provides definitions for various terms used in banking and financial transactions. It covers terms such as ‘account’, ‘afternoon’, ‘banking day’, ‘clearinghouse’, ‘customer’, ‘documentary draft’, ‘draft’, ‘drawee’, ‘item’, ‘midnight deadline’, ‘settle’, and ‘suspends payments’. The article also references other definitions from different sections of the UCC that are applicable to this article. It is important for parties involved in banking transactions to understand these definitions to ensure clarity and consistency in their dealings.
Whom does it apply to?
This article applies to banks, customers, drawees, and other parties involved in banking transactions.
What does it govern?
Uniform Commercial Code (UCC) Article 4-104 governs various terms and definitions related to banking and financial transactions.
What are exemptions?
No exemptions are mentioned in this article.
What are the Penalties?
No penalties are mentioned in this article.
Jurisdiction
Minnesota