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Can you summarize MNST 336.4A-211?
UNIFORM COMMERCIAL CODE > CANCELLATION AND AMENDMENT OF PAYMENT ORDER.
Short Summary
This legal document governs the cancellation and amendment of payment orders. It applies to senders and receiving banks involved in payment orders. The document specifies that a communication to cancel or amend a payment order may be transmitted orally, electronically, or in writing. However, if a security procedure is in effect, the communication is only effective if verified or agreed upon by the bank. The document also outlines the conditions under which cancellation or amendment of a payment order is effective, including the need for notice to be received by the receiving bank before acceptance of the order. It further states that cancellation or amendment of an accepted payment order requires the agreement of the receiving bank or compliance with funds-transfer system rules. The document also addresses the cancellation of unaccepted payment orders and the nullification of acceptance in case of cancellation. It highlights the liability of the sender to the bank for any loss and expenses incurred due to cancellation or amendment. Additionally, it clarifies that the death or legal incapacity of the sender does not revoke a payment order unless the receiving bank is aware and has a reasonable opportunity to act. The document concludes by stating that funds-transfer system rules are not effective if they conflict with certain provisions. Overall, this document provides guidelines and regulations for the cancellation and amendment of payment orders.
Whom does it apply to?
Senders and receiving banks involved in payment orders
What does it govern?
Cancellation and amendment of payment orders
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Liability to the bank for any loss and expenses incurred as a result of cancellation or amendment
Jurisdiction
Minnesota