336.3-101 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-101 SHORT TITLE. This article may be cited as Uniform Commercial Code–Negotiable Instruments. History: 1965 c 811 s 336.3-101; 1992 c 565 s 3

336.3-102 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-102 SUBJECT MATTER. (a) This article applies to negotiable instruments. It does not apply to money, to payment orders governed by article 4A, or to securities governed by article 8. (b) If there is conflict between this article and article 4 or 9, articles 4 and 9 govern. (c) Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the federal reserve banks supersede any inconsistent provision of this article to the extent of the inconsistency.

This legal document, Minnesota Statutes 336.3-103, provides definitions for terms used in the Uniform Commercial Code (UCC) Article 3. It applies to parties involved in commercial transactions, including acceptors, consumers, drawees, drawers, makers, remitters, and secondary obligors. The document defines terms such as acceptor, consumer account, consumer transaction, drawee, drawer, maker, order, ordinary care, party, principal obligor, promise, prove, record, remitter, remotely created item, and secondary obligor. It also references other definitions applicable to UCC Article 3, such as acceptance, accommodated party, accommodation party, account, alteration, anomalous endorsement, blank endorsement, cashier’s check, certificate of deposit, certified check, check, consideration, draft, endorsement, endorser, holder in due course, incomplete instrument, instrument, issue, issuer, negotiable instrument, negotiation, note, payable at a definite time, payable on demand, payable to bearer, payable to order, payment, person entitled to enforce, presentment, reacquisition, special endorsement, teller’s check, transfer of instrument, traveler’s check, and value.

This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, defines and regulates negotiable instruments. A negotiable instrument is an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges. It must be payable to bearer or to order, payable on demand or at a definite time, and must not contain any other undertaking or instruction beyond the payment of money.

336.3-105 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-105 ISSUE OF INSTRUMENT. (a) ‘Issue’ means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person. (b) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.

This legal provision, section 336.3-106 of the Minnesota Statutes, falls under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code (UCC). It defines the concept of an unconditional promise or order in the context of commercial transactions. According to this provision, a promise or order is considered unconditional unless it includes specific conditions to payment, references another record without making the promise or order conditional, or states that rights or obligations are stated in another record.

336.3-107 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-107 INSTRUMENT PAYABLE IN FOREIGN MONEY. Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is paid.

This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, provides guidelines for determining whether a promise or order is payable on demand or at a definite time. A promise or order is considered ‘payable on demand’ if it explicitly states so or does not specify any time of payment. On the other hand, a promise or order is ‘payable at a definite time’ if it is payable after a specific period of time, at a fixed date or dates, or at a time or times that can be easily determined at the time of issuance.

This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, discusses the concept of a promise or order being payable to bearer or to order. It outlines the conditions under which a promise or order is considered payable to bearer, such as stating it is payable to bearer, not stating a payee, or indicating it is payable to cash or not an identified person. Conversely, it explains that a promise or order not payable to bearer is payable to order if it is payable to an identified person or to an identified person or order.

This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the identification of the person to whom a financial instrument is payable. The document states that the person to whom an instrument is initially payable is determined by the intent of the person signing as, or on behalf of, the issuer of the instrument. The instrument is payable to the person intended by the signer, even if the identification on the instrument does not match the intended person.