Ask Reggi Your Question Now
Can you summarize MNST 336.4A-209?
UNIFORM COMMERCIAL CODE > ACCEPTANCE OF PAYMENT ORDER.
Short Summary
This legal document pertains to the acceptance of payment orders in the context of the Uniform Commercial Code (UCC). It outlines the conditions under which a receiving bank, beneficiary’s bank, or originator’s bank accepts a payment order. A receiving bank accepts a payment order when it executes the order, while a beneficiary’s bank accepts a payment order at the earliest of several specified times. Acceptance of a payment order cannot occur before the order is received by the receiving bank. The document also addresses the acceptance of payment orders issued to the originator’s bank and the potential recovery of payments in case of cancellation. Overall, this document provides guidance on the acceptance of payment orders and the obligations of the involved banks under the UCC.
Whom does it apply to?
Receiving banks, beneficiary's banks, and originator's banks involved in payment orders
What does it govern?
Payment acceptance in the context of the Uniform Commercial Code (UCC)
What are exemptions?
The document does not mention any specific exemptions.
What are the Penalties?
The document does not specify any penalties for non-compliance or violation.
Jurisdiction
Minnesota