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Can you summarize MNST 336.4-208?
UNIFORM COMMERCIAL CODE > PRESENTMENT WARRANTIES.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically addresses presentment warranties in the context of drafts and items. It outlines the obligations and warranties of various parties involved in the payment or acceptance of drafts, including the person obtaining payment or acceptance, previous transferors of the draft, and the drawee. The document specifies the warranties that must be made regarding the entitlement to enforce the draft, absence of alterations, knowledge of unauthorized signatures, and authorization for remotely created items. It also establishes the rights of the drawee to recover damages for breach of warranty and the defenses available to warrantors. Additionally, the document extends the warranties and rights to persons making payment for dishonored drafts or other items. The warranties stated in subsections (a) and (d) cannot be disclaimed with respect to checks. The document does not mention any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Drawees, persons obtaining payment or acceptance of drafts, previous transferors of drafts, persons making payment for dishonored drafts or other items
What does it govern?
Presentment warranties in the context of drafts and items
What are exemptions?
The warranties stated in subsections (a) and (d) cannot be disclaimed with respect to checks.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Minnesota