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Can you summarize MNST 336.4A-105?
UNIFORM COMMERCIAL CODE > OTHER DEFINITIONS.
Short Summary
This legal document, known as Uniform Commercial Code (UCC) Article 4A, governs funds transfers and payment orders between banks and customers. It applies to banks, customers, and other entities involved in funds transfers. The document provides definitions for various terms used in the article, such as ‘authorized account,’ ‘bank,’ ‘customer,’ ‘funds-transfer business day,’ ‘funds-transfer system,’ and more. It also references definitions from other sections of the UCC that apply to this article. The document does not mention any specific exemptions or penalties. Overall, UCC Article 4A establishes the framework and rules for conducting funds transfers and payment orders in a secure and efficient manner.
Whom does it apply to?
Banks, customers, and other entities involved in funds transfers
What does it govern?
Uniform Commercial Code (UCC) Article 4A
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota