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Can you summarize MNST 336.4-301?
UNIFORM COMMERCIAL CODE > DEFERRED POSTING; RECOVERY OF PAYMENT BY RETURN OF ITEMS; TIME OF DISHONOR; RETURN OF ITEMS BY PAYOR BANK.
Short Summary
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the rules and procedures related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It states that if a payor bank settles for a demand item other than a documentary draft presented for immediate payment, it has the right to revoke the settlement and recover the settlement amount under certain conditions. The document also outlines the actions a payor bank can take if a demand item is received for credit on its books. It specifies the time limits and methods for returning the item or sending notice of dishonor. The document further clarifies the time of dishonor and the process of returning an item. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks and parties involved in settlement of demand items.
What does it govern?
Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota