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Can you summarize MNST 336.4A-403?
UNIFORM COMMERCIAL CODE > PAYMENT BY SENDER TO RECEIVING BANK.
Short Summary
This legal document governs the payment of the sender’s obligation to the receiving bank under section 336.4A-402 of the Minnesota Statutes, specifically related to trade regulations and consumer protection under the Uniform Commercial Code. The document outlines the various scenarios in which payment occurs, such as when the receiving bank receives final settlement through a Federal Reserve Bank or funds-transfer system, or when the receiving bank debits an account of the sender. It also addresses the settlement of obligations in a funds-transfer system that nets obligations multilaterally among participants. Additionally, the document covers the setoff of payment obligations between two banks under an agreement and mentions that payment occurs based on applicable principles of law in cases not covered by the mentioned subsections. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Senders and receiving banks involved in payment transactions
What does it govern?
Payment of the sender's obligation under section 336.4A-402 to pay the receiving bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota