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Can you summarize MNST 336.4A-501?
UNIFORM COMMERCIAL CODE > VARIATION BY AGREEMENT AND EFFECT OF FUNDS-TRANSFER SYSTEM RULE.
Short Summary
This legal document governs the rights and obligations of parties involved in a funds transfer. It allows for the variation of these rights and obligations through agreement. The document also defines the term ‘funds-transfer system rule’ as a rule of an association of banks that governs the transmission of payment orders or the rights and obligations between banks involved in a funds transfer. It states that a funds-transfer system rule may be effective even if it conflicts with this article and indirectly affects another party to the funds transfer who does not consent to the rule. The document also mentions that a funds-transfer system rule may govern the rights and obligations of parties other than participating banks using the system, as stated in specific sections. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Parties involved in a funds transfer
What does it govern?
Rights and obligations of a party to a funds transfer, funds-transfer system rules
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota