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Can you summarize NDCC Chapter 41-03?
Uniform Commercial Code > Negotiable Instruments
Short Summary
This legal document provides definitions for various terms used in the Uniform Commercial Code (UCC) related to negotiable instruments, such as acceptor, drawee, drawer, maker, remitter, party, promise, prove, etc. These definitions help in understanding the roles and responsibilities of different parties involved in transactions related to negotiable instruments. The document also refers to other definitions provided in different sections of the UCC that are applicable to this chapter. Additionally, definitions from other chapters of the North Dakota Century Code, such as bank, banking day, clearinghouse, collecting bank, customer, etc., are also applicable to this chapter. The document governs the conversion of instruments and provides guidelines for determining when an instrument is considered converted. It outlines the rules related to presentment, including the place of payment, means of making presentment, and the effectiveness of presentment. The document also specifies the requirements for the person making presentment, such as exhibiting the instrument, providing identification and evidence of authority, and signing a receipt. It covers the dishonor of negotiable instruments and provides guidelines for determining when a note or draft is considered dishonored. The document also addresses the obligations of endorsers and drawers and specifies the requirements for giving notice of dishonor. It outlines the circumstances under which presentment for payment or acceptance of an instrument is excused and when notice of dishonor may be excused. The document also covers the evidence of dishonor and defines a protest as a certificate of dishonor made by authorized individuals. It provides guidelines for the payment of negotiable instruments and the discharge of obligations related to them. The document also covers the tender of payment and the discharge of endorsers and accommodation parties. Overall, this document serves as a comprehensive reference for understanding the legal terminology, concepts, and procedures related to negotiable instruments under the UCC.
Whom does it apply to?
This document applies to persons involved in the conversion, presentment, dishonor, and payment of negotiable instruments. It also applies to endorsers and accommodation parties.
What does it govern?
The legal document provides definitions for various terms used in the Uniform Commercial Code (UCC) related to negotiable instruments, as well as guidelines for the payment and discharge of obligations related to these instruments. It also covers the concept of presentment and the rules governing the dishonor of negotiable instruments.
What are exemptions?
This document does not apply to money, payment orders governed by chapter 41-04.1, or securities governed by chapter 41-08. It also does not apply to cases where the issuer or acceptor of the instrument, as well as a payee or endorsee who did not receive delivery of the instrument, cannot bring an action for conversion.
What are the Penalties?
No specific exemptions or penalties are mentioned in this document.
Jurisdiction
North Dakota