Ask Reggi Your Question Now
Can you summarize MNST 336.4-212?
UNIFORM COMMERCIAL CODE > PRESENTMENT BY NOTICE OF ITEM NOT PAYABLE BY, THROUGH, OR AT BANK; LIABILITY OF DRAWER OR ENDORSER.
Short Summary
This provision, part of the Minnesota Statutes under the Uniform Commercial Code, governs the presentment of items that are not payable by, through, or at a bank. It allows a collecting bank to present such an item by sending a notice to the party who is supposed to accept or pay it. The notice must be sent in time to be received on or before the day when presentment is due. The bank must also meet any requirements of the party to accept or pay by the close of the bank’s next banking day after it becomes aware of the requirement. If presentment is made by notice and payment, acceptance, or request for compliance is not received by the specified deadlines, the presenting bank may treat the item as dishonored and charge any drawer or endorser by sending them notice of the facts.
Whom does it apply to?
Collecting banks, parties to accept or pay
What does it govern?
Presentment of items not payable by, through, or at a bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota