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Can you summarize MNST 336.4A-103?
UNIFORM COMMERCIAL CODE > PAYMENT ORDER-DEFINITIONS.
Short Summary
This legal document, part of the Minnesota Statutes under the TRADE REGULATIONS, CONSUMER PROTECTION section, specifically the UNIFORM COMMERCIAL CODE, defines various terms related to payment orders. A payment order refers to an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. The instruction must not have any conditions other than the time of payment, and the receiving bank is reimbursed by debiting the sender’s account or receiving payment from the sender. The payment order can be transmitted orally, electronically, or in writing, directly to the receiving bank or through an agent, funds-transfer system, or communication system. The document further defines terms such as beneficiary, beneficiary’s bank, receiving bank, and sender. It also clarifies that if an instruction is to make multiple payments to a beneficiary, each payment is considered a separate payment order. The document specifies that a payment order is issued when it is sent to the receiving bank.
Whom does it apply to?
Senders, receiving banks, and beneficiaries involved in payment transactions
What does it govern?
Payment orders
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota