This legal provision, repealed in 1992, pertains to the obligation of the acceptor of a draft to make payment. The acceptor is obliged to pay the draft according to its terms at the time of acceptance. If the acceptance varies the terms of the draft, the acceptor is obligated to pay according to the varied terms. Additionally, if the acceptance is of an incomplete instrument, the acceptor is obliged to pay according to its terms when completed, as stated in sections 336.

This legal document, section 336.3-414 of the Minnesota Statutes, governs the obligation of the drawer. It applies to drawers of unaccepted drafts, excluding cashier’s checks or other drafts drawn on the drawer. If an unaccepted draft is dishonored, the drawer is obliged to pay the draft 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.

This legal provision, under the Minnesota Statutes, governs the obligation of an endorser in the context of dishonored instruments. According to this provision, if an instrument is dishonored, an endorser is obliged to pay the amount due on the instrument. The endorser’s obligation is determined based on the terms of the instrument at the time of endorsement or, if the instrument was incomplete at the time of endorsement, based on its completed terms.

This legal document, governed by the Uniform Commercial Code under the Trade Regulations and Consumer Protection section of the Minnesota Statutes, outlines the transfer warranties for instruments. It states that a person who transfers an instrument for consideration warrants to the transferee and subsequent transferees that they are entitled to enforce the instrument, all signatures on the instrument are authentic and authorized, the instrument has not been altered, the instrument is not subject to a defense or claim in recoupment, the warrantor has no knowledge of any insolvency proceeding, and the person on whose account a remotely created item is drawn authorized its issuance.

This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to presentment warranties in the context of unaccepted drafts and dishonored drafts or instruments presented for payment. It outlines the obligations and warranties of various parties involved, such as drawees, persons obtaining payment or acceptance of drafts, previous transferors of drafts, and persons making payment on dishonored drafts or instruments. The document specifies the warranties that must be made regarding the entitlement to enforce the draft, absence of alterations, authorization of the drawer’s signature, and authorization of remotely created items.

This legal provision, under the Minnesota Statutes, specifically under the Uniform Commercial Code, governs the payment or acceptance of drafts or instruments by mistake. It outlines the circumstances under which a drawee of a draft can recover the amount of the draft from the person to whom payment was made or revoke the acceptance if the drawee acted on the mistaken belief that the payment had not been stopped or the drawer’s signature was authorized.

This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically addresses instruments signed for accommodation. It outlines the circumstances in which an accommodation party signs an instrument for the benefit of another party without being a direct beneficiary themselves. The document explains that an accommodation party may sign the instrument as a maker, drawer, acceptor, or endorser, and is obligated to pay the instrument in the capacity in which they sign.

This legal document pertains to the conversion of instruments under the applicable law. It states that an instrument is considered converted if it is taken by transfer from a person not entitled to enforce it or if a bank makes or obtains payment for a person not entitled to enforce it or receive payment. However, the issuer, acceptor, payee, or endorsee who did not receive delivery of the instrument cannot bring an action for conversion.

This legal document, Minnesota Statutes 336.3-501, defines and governs the process of presentment of negotiable instruments. Presentment refers to a demand made by or on behalf of a person entitled to enforce an instrument to pay or accept the instrument. The document outlines the rules for presentment, including the place of presentment, means of communication, and effectiveness of presentment. It also specifies the obligations of the person making presentment, such as exhibiting the instrument, providing identification and evidence of authority, and signing a receipt.

This legal document governs the dishonor of notes and drafts. It provides rules for determining when a note or draft is considered dishonored. The rules vary depending on whether the instrument is payable on demand or at a future date, and whether it is a note or a draft. The document outlines the requirements for presentment of the instrument and the consequences of non-payment. It also covers the dishonor of unaccepted documentary drafts and accepted drafts.