336.3-403 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-403 UNAUTHORIZED SIGNATURE. (a) Unless otherwise provided in this article or article 4, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unauthorized signature may be ratified for all purposes of this article. (b) If the signature of more than one person is required to constitute the authorized signature of an organization, the signature of the organization is unauthorized if one of the required signatures is lacking.

This legal provision, under the Uniform Commercial Code, addresses the issue of impostors and fictitious payees in relation to negotiable instruments. If an impostor induces the issuer of an instrument to issue it to the impostor or a person acting with the impostor, an endorsement of the instrument by any person in the name of the payee is effective as the endorsement of the payee in favor of a person who pays the instrument or takes it in good faith.

This section of the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, addresses the employer’s responsibility for fraudulent endorsement by an employee. The section defines key terms such as ’employee’ and ‘fraudulent endorsement’. It states that if an employer entrusts an employee with responsibility for an instrument and the employee or someone acting with the employee makes a fraudulent endorsement, the endorsement is effective as if made by the person to whom the instrument is payable.

This legal provision, under the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, addresses the issue of negligence contributing to the alteration of an instrument or the making of a forged signature on an instrument. According to this provision, a person who fails to exercise ordinary care and substantially contributes to such alteration or forgery cannot assert the alteration or forgery against a person who, in good faith, pays the instrument or takes it for value or for collection.

This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, defines and regulates the concept of alteration of instruments. An alteration refers to an unauthorized change in an instrument that modifies the obligation of a party or an unauthorized addition/change to an incomplete instrument. Fraudulently made alterations discharge a party whose obligation is affected, unless the party assents or is precluded from asserting the alteration. However, other alterations do not discharge a party, and the instrument can still be enforced according to its original terms.

336.3-408 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-408 DRAWEE NOT LIABLE ON UNACCEPTED DRAFT. A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it. History: 1992 c 565 s 48

This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the acceptance of drafts and certified checks. It defines acceptance as the drawee’s signed agreement to pay a draft as presented, which can be made at any time and becomes effective upon notification or delivery. The document also states that a draft may be accepted even if it is incomplete, overdue, or dishonored. Additionally, it explains that if a draft is payable at a fixed period after sight and the acceptor fails to date the acceptance, the holder may complete the acceptance by supplying a date in good faith.

336.3-410 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-410 ACCEPTANCE VARYING DRAFT. (a) If the terms of a drawee’s acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance. (b) The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at that bank or place.

This section of the Minnesota Statutes, under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs the refusal to pay cashier’s checks, teller’s checks, and certified checks. It applies to obligated banks, which are defined as the acceptor of a certified check or the issuer of a cashier’s check or teller’s check bought from the issuer. If an obligated bank wrongfully refuses to pay a cashier’s check or certified check, stops payment of a teller’s check, or refuses to pay a dishonored teller’s check, the person asserting the right to enforce the check is entitled to compensation for expenses and loss of interest resulting from the nonpayment.

336.3-412 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-412 OBLIGATION OF ISSUER OF NOTE OR CASHIER’S CHECK. The issuer of a note or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument (i) according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or (ii) if the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in sections 336.