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Can you summarize MNST 336.4-303?
UNIFORM COMMERCIAL CODE > WHEN ITEMS SUBJECT TO NOTICE, STOP-PAYMENT ORDER, LEGAL PROCESS, OR SETOFF; ORDER IN WHICH ITEMS MAY BE CHARGED OR CERTIFIED.
Short Summary
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the Uniform Commercial Code. It governs the rights and duties of payor banks regarding items subject to notice, stop-payment order, legal process, or setoff, as well as the order in which items may be charged or certified. According to the document, any knowledge, notice, stop-payment order, or legal process received by the payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge the customer’s account if certain conditions are met. The document also specifies the circumstances under which a bank becomes accountable for the amount of the item. It further states that items may be accepted, paid, certified, or charged to the customer’s account in any order. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks and their customers
What does it govern?
Items subject to notice, stop-payment order, legal process, or setoff; order in which items may be charged or certified
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota