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Can you summarize MNST 336.4-503?
UNIFORM COMMERCIAL CODE > RESPONSIBILITY OF PRESENTING BANK FOR DOCUMENTS AND GOODS; REPORT OF REASONS FOR DISHONOR; REFEREE IN CASE OF NEED.
Short Summary
This legal document governs the responsibility of a presenting bank when dealing with documents and goods in relation to a documentary draft. It applies specifically to banks presenting a documentary draft. The document outlines the obligations of the presenting bank, including the delivery of documents to the drawee upon acceptance or payment, seeking instructions from a designated referee in case of need upon dishonor, and notifying the transferor of dishonor and the results of efforts to ascertain the reasons for dishonor. The presenting bank is not obligated with respect to goods represented by the documents, except to follow reasonable instructions. The document also mentions the presenting bank’s right to reimbursement for expenses incurred in following instructions and the right to prepayment or indemnity for those expenses. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks presenting a documentary draft
What does it govern?
Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota