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Can you summarize MNST 336.4A-405?
UNIFORM COMMERCIAL CODE > PAYMENT BY BENEFICIARY'S BANK TO BENEFICIARY.
Short Summary
This legal document, governed by the Minnesota Statutes, specifically the Uniform Commercial Code under Trade Regulations and Consumer Protection, outlines the rules regarding payment by the beneficiary’s bank to the beneficiary. According to the document, payment of the bank’s obligation occurs when the beneficiary is notified of the right to withdraw the credit, when the bank applies the credit to a debt of the beneficiary, or when funds with respect to the order are made available to the beneficiary by the bank. If the beneficiary’s bank does not credit the beneficiary’s account, the time of payment is determined by general principles of law. The document also addresses conditions to payment or agreements between the beneficiary and the bank, stating that such conditions or agreements are not enforceable, except as provided in specific subsections. Additionally, the document discusses provisional payments made to beneficiaries through a funds-transfer system and the rights and obligations of the beneficiary’s bank and the originator in such cases. Overall, this document provides guidance on the timing and conditions of payment by the beneficiary’s bank to the beneficiary in various scenarios.
Whom does it apply to?
Beneficiary's bank, beneficiary, originator, sender
What does it govern?
Payment by beneficiary's bank to beneficiary
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
Minnesota