This legal document governs the rights and obligations of parties involved in a funds transfer. It allows for the variation of these rights and obligations through agreement. The document also defines the term ‘funds-transfer system rule’ as a rule of an association of banks that governs the transmission of payment orders or the rights and obligations between banks involved in a funds transfer. It states that a funds-transfer system rule may be effective even if it conflicts with this article and indirectly affects another party to the funds transfer who does not consent to the rule.

This section of the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs the handling of creditor process served on a receiving bank and the setoff by a beneficiary’s bank. The document defines ‘creditor process’ as various legal processes issued by or on behalf of a creditor or claimant with respect to an account. If the creditor process is served on the receiving bank and the bank accepts the payment order, the balance in the authorized account is deemed to be reduced by the amount of the payment order, unless the bank had a reasonable opportunity to act on the process before accepting the payment order.

For proper cause and in compliance with applicable law, a court may restrain (i) a person from issuing a payment order to initiate a funds transfer, (ii) an originator’s bank from executing the payment order of the originator, or (iii) the beneficiary’s bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds. A court may not otherwise restrain a person from issuing a payment order, paying or receiving payment of a payment order, or otherwise acting with respect to a funds transfer.

(a) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender’s account, the bank may charge the sender’s account with respect to the various orders and items in any sequence. (b) In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied.

If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment unless the customer notifies the bank of the customer’s objection to the payment within one year after the notification was received by the customer.

This legal document, under the Minnesota Statutes, specifically under the TRADE REGULATIONS, CONSUMER PROTECTION section of the UNIFORM COMMERCIAL CODE, governs the rate of interest applicable to payment orders issued to receiving banks. The amount of interest payable can be determined by agreement between the sender and receiving bank or by a funds-transfer system rule if the payment order is transmitted through a funds-transfer system. If the amount of interest is not determined by an agreement or rule, it is calculated based on the applicable Federal Funds rate multiplied by the amount on which interest is payable, and then multiplied by the number of days for which interest is payable.

This legal document governs the rights and obligations between the sender of a payment order and the receiving bank, the rights and obligations between the beneficiary’s bank and the beneficiary, and the issue of when payment is made in a funds transfer from the originator to the beneficiary. Unless otherwise agreed or specified, the law of the jurisdiction where the receiving bank is located governs the rights and obligations between the sender and the receiving bank, the law of the jurisdiction where the beneficiary’s bank is located governs the rights and obligations between the beneficiary’s bank and the beneficiary, and the law of the jurisdiction where the beneficiary’s bank is located determines when payment is made in a funds transfer.

336.8-101 MS 1994 [Repealed, 1995 c 194 art 1 s 53] 336.8-101 SHORT TITLE. This article may be cited as Uniform Commercial Code - Investment Securities. History: 1965 c 811 s 336.8-101; 1995 c 194 art 1 s 1

This legal document, known as the Uniform Commercial Code, specifically Article 8-102, provides definitions for terms used in the article. It governs the rules and regulations related to financial assets and securities intermediaries. The document defines various terms such as ‘adverse claim,’ ‘bearer form,’ ‘broker,’ ‘certificated security,’ ‘clearing corporation,’ ‘communicate,’ ’entitlement holder,’ ’entitlement order,’ ‘financial asset,’ ’endorsement,’ ‘instruction,’ ‘registered form,’ ‘securities intermediary,’ ‘security,’ ‘security certificate,’ ‘security entitlement,’ and ‘uncertificated security.’ The definitions provided in this document are applicable throughout the article.

This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, provides rules for determining whether certain obligations and interests are classified as securities or financial assets. It states that shares or similar equity interests issued by corporations, business trusts, joint stock companies, or similar entities are considered securities. Investment company securities, which include shares or similar equity interests issued by registered investment companies, are also classified as securities.