336.3-111 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-111 PLACE OF PAYMENT. Except as otherwise provided for items in article 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument. If no address is stated, the place of payment is the place of business of the drawee or maker.

336.3-112 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-112 INTEREST. (a) Unless otherwise provided in the instrument, (i) an instrument is not payable with interest, and (ii) interest on an interest-bearing instrument is payable from the date of the instrument. (b) Interest may be stated in an instrument as a fixed or variable amount of money or it may be expressed as a fixed or variable rate or rates. The amount or rate of interest may be stated or described in the instrument in any manner and may require reference to information not contained in the instrument.

336.3-113 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-113 DATE OF INSTRUMENT. (a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in section 336.4-401 (c), an instrument payable on demand is not payable before the date of the instrument. (b) If an instrument is undated, its date is the date of its issue or, in the case of an unissued instrument, the date it first comes into possession of a holder.

336.3-114 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-114 CONTRADICTORY TERMS OF INSTRUMENT. If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers. History: 1992 c 565 s 16

This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, defines an ‘incomplete instrument’ as a signed writing that is incomplete at the time of signing but intended to be completed later. It states that if an incomplete instrument is considered an instrument under section 336.3-104, it can be enforced according to its terms if it is not completed or if it is completed. If an incomplete instrument is not considered an instrument under section 336.

336.3-116 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-116 JOINT AND SEVERAL LIABILITY; CONTRIBUTION. (a) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, endorsers who endorse as joint payees, or anomalous endorsers are jointly and severally liable in the capacity in which they sign. (b) Except as provided in section 336.3-419 (e) or by agreement of the affected parties, a party having joint and several liability who pays the instrument is entitled to receive from any party having the same joint and several liability contribution in accordance with applicable law.

336.3-117 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-117 OTHER AGREEMENTS AFFECTING INSTRUMENT. Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement.

This statute of limitations, found in the Minnesota Statutes under the Uniform Commercial Code, governs the time limits within which actions can be brought to enforce various obligations. The statute specifies different time periods for different types of obligations. For example, an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within six years after the due date or dates stated in the note.

336.3-119 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-119 NOTICE OF RIGHT TO DEFEND ACTION. In an action for breach of an obligation for which a third person is answerable over pursuant to this article or article 4, the defendant may give the third person notice of the litigation in a record, and the person notified may then give similar notice to any other person who is answerable over. If the notice states (i) that the person notified may come in and defend and (ii) that failure to do so will bind the person notified in an action later brought by the person giving the notice as to any determination of fact common to the two litigations, the person notified is so bound unless after seasonable receipt of the notice the person notified does come in and defend.

336.3-201 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-201 NEGOTIATION. (a) ‘Negotiation’ means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder. (b) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its endorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.