reglab/housing_qa huggingface dataset:
MN Stat § 336.4-402 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4-402 — Bank's Liability To Customer For Wrongful Dishonor; Time Of Determining Insufficiency Of Account.

336.4-402 BANK'S LIABILITY TO CUSTOMER FOR WRONGFUL DISHONOR; TIME OF DETERMINING INSUFFICIENCY OF ACCOUNT. (a) Except as otherwise provided in this article, a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, but a bank may dishonor an item that would create an overdraft unless it has agreed to pay the overdraft. (b) A payor bank is liable to its customer for damages proximately caused by the wrongful dishonor of an item. Liability is limited to actual damages proved and may include damages for an arrest or prosecution of the customer or other consequential damages. Whether any consequential damages are proximately caused by the wrongful dishonor is a question of fact to be determined in each case. (c) A payor bank's determination of the customer's account balance on which a decision to dishonor for insufficiency of available funds is based may be made at any time between the time the item is received by the payor bank and the time that the payor bank returns the item or gives notice in lieu of return, and no more than one determination need be made. If, at the election of the payor bank, a subsequent balance determination is made for the purpose of reevaluating the bank's decision to dishonor the item, the account balance at that time is determinative of whether a dishonor for insufficiency of available funds is wrongful. History:  1965 c 811 s 336.4-402; 1992 c 565 s 103
MN Stat § 336.4-403 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4-403 — Customer's Right To Stop Payment; Burden Of Proof Of Loss.

336.4-403 CUSTOMER'S RIGHT TO STOP PAYMENT; BURDEN OF PROOF OF LOSS. (a) A customer or any person authorized to draw on the account if there is more than one person may stop payment of any item drawn on the customer's account or close the account by an order to the bank describing the item or account with reasonable certainty received at a time and in a manner that affords the bank a reasonable opportunity to act on it before any action by the bank with respect to the item described in section 336.4-303. If the signature of more than one person is required to draw on an account, any of these persons may stop payment or close the account. (b) A stop-payment order is effective for six months, but it lapses after 14 calendar days if the original order was oral and was not confirmed in a record within that period. A stop-payment order may be renewed for additional six-month periods by a record given to the bank within a period during which the stop-payment order is effective. (c) The burden of establishing the fact and amount of loss resulting from the payment of an item contrary to a stop-payment order or order to close an account is on the customer. The loss from payment of an item contrary to a stop-payment order may include damages for dishonor of subsequent items under section 336.4-402. History:  1965 c 811 s 336.4-403; 1986 c 444; 1992 c 565 s 104; 2003 c 81 art 2 s 6
MN Stat § 336.4-404 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4-404 — Bank Not Obliged To Pay Check More Than Six Months Old.

336.4-404 BANK NOT OBLIGED TO PAY CHECK MORE THAN SIX MONTHS OLD. A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six months after its date, but it may charge its customer's account for a payment made thereafter in good faith. History:  1965 c 811 s 336.4-404; 1992 c 565 s 105
MN Stat § 336.4-405 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4-405 — Death Or Incompetence Of Customer.

336.4-405 DEATH OR INCOMPETENCE OF CUSTOMER. (a) A payor or collecting bank's authority to accept, pay, or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes the authority to accept, pay, collect, or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it. (b) Even with knowledge, a bank may for ten days after the date of death pay or certify checks drawn on or before that date unless ordered to stop payment by a person claiming an interest in the account. History:  1965 c 811 s 336.4-405; 1992 c 565 s 106
MN Stat § 336.4-407 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4-407 — Payor Bank's Right To Subrogation On Improper Payment.

336.4-407 PAYOR BANK'S RIGHT TO SUBROGATION ON IMPROPER PAYMENT. If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank is subrogated to the rights: (1) of any holder in due course on the item against the drawer or maker; (2) of the payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose; and (3) of the drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose. History:  1965 c 811 s 336.4-407; 1992 c 565 s 108
MN Stat § 336.4-501 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4-501 — Handling Of Documentary Drafts; Duty To Send For Presentment And To Notify Customer Of Dishonor.

336.4-501 HANDLING OF DOCUMENTARY DRAFTS; DUTY TO SEND FOR PRESENTMENT AND TO NOTIFY CUSTOMER OF DISHONOR. A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right. History:  1965 c 811 s 336.4-501; 1992 c 565 s 109
MN Stat § 336.4-502 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4-502 — Presentment Of "on Arrival" Drafts.

336.4-502 PRESENTMENT OF "ON ARRIVAL" DRAFTS. If a draft or the relevant instructions require presentment "on arrival," "when goods arrive" or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of the refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods. History:  1965 c 811 s 336.4-502; 1992 c 565 s 110
MN Stat § 336.4-503 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4-503 — Responsibility Of Presenting Bank For Documents And Goods; Report Of Reasons For Dishonor; Referee In Case Of Need.

336.4-503 RESPONSIBILITY OF PRESENTING BANK FOR DOCUMENTS AND GOODS; REPORT OF REASONS FOR DISHONOR; REFEREE IN CASE OF NEED. Unless otherwise instructed and except as provided in article 5, a bank presenting a documentary draft: (1) must deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only on payment; and (2) upon dishonor, either in the case of presentment for acceptance or presentment for payment, may seek and follow instructions from any referee in case of need designated in the draft or, if the presenting bank does not choose to utilize the referee's services, it must use diligence and good faith to ascertain the reason for dishonor, must notify its transferor of the dishonor and of the results of its effort to ascertain the reasons therefor, and must request instructions. However, the presenting bank is under no obligation with respect to goods represented by the documents except to follow any reasonable instructions seasonably received; it has a right to reimbursement for any expense incurred in following instructions and to prepayment of or indemnity for those expenses. History:  1965 c 811 s 336.4-503; 1986 c 444; 1992 c 565 s 111
MN Stat § 336.4-504 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4-504 — Privilege Of Presenting Bank To Deal With Goods; Security Interest For Expenses.

336.4-504 PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS; SECURITY INTEREST FOR EXPENSES. (a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner. (b) For its reasonable expenses incurred by action under subsection (a), the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller's lien. History:  1965 c 811 s 336.4-504; 1992 c 565 s 112
MN Stat § 336.4A-101 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4A-101 — Short Title.

336.4A-101 SHORT TITLE. This article may be cited as Uniform Commercial Code--Funds Transfers. History:   1990 c 582 art 1 s 1
MN Stat § 336.4A-102 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4A-102 — Subject Matter.

336.4A-102 SUBJECT MATTER. Except as otherwise provided in section 336.4A-108, this article applies to funds transfers defined in section 336.4A-104. History:   1990 c 582 art 1 s 2
MN Stat § 336.4A-103 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4A-103 — Payment Order-definitions.

336.4A-103 PAYMENT ORDER-DEFINITIONS. (a) In this article: (1) "Payment order" means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if: (i) the instruction does not state a condition to payment to the beneficiary other than time of payment, (ii) the receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender, and (iii) the instruction is transmitted by the sender directly to the receiving bank or to an agent, funds-transfer system, or communication system for transmittal to the receiving bank. (2) "Beneficiary" means the person to be paid by the beneficiary's bank. (3) "Beneficiary's bank" means the bank identified in a payment order in which an account of the beneficiary is to be credited pursuant to the order or which otherwise is to make payment to the beneficiary if the order does not provide for payment to an account. (4) "Receiving bank" means the bank to which the sender's instruction is addressed. (5) "Sender" means the person giving the instruction to the receiving bank. (b) If an instruction complying with subsection (a)(1) is to make more than one payment to a beneficiary, the instruction is a separate payment order with respect to each payment. (c) A payment order is issued when it is sent to the receiving bank. History:   1990 c 582 art 1 s 3
MN Stat § 336.4A-104 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4A-104 — Funds Transfer-definitions.

336.4A-104 FUNDS TRANSFER-DEFINITIONS. In this article: (a) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator's bank or an intermediary bank intended to carry out the originator's payment order. A funds transfer is completed by acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order. (b) "Intermediary bank" means a receiving bank other than the originator's bank or the beneficiary's bank. (c) "Originator" means the sender of the first payment order in a funds transfer. (d) "Originator's bank" means (i) the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or (ii) the originator if the originator is a bank. History:   1990 c 582 art 1 s 4
MN Stat § 336.4A-105 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4A-105 — Other Definitions.

336.4A-105 OTHER DEFINITIONS. (a) In this article: (1) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account. (2) "Bank" means a person engaged in the business of banking and includes a savings bank, savings association, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this article. (3) "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders. (4) "Funds-transfer business day" of a receiving bank means the part of a day during which the receiving bank is open for the receipt, processing, and transmittal of payment orders and cancellations and amendments of payment orders. (5) "Funds-transfer system" means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed. (6) (Reserved.) (7) "Prove" with respect to a fact means to meet the burden of establishing the fact (section 336.1-201(b)(8)). (b) Other definitions applying to the article and the sections in which they appear: "Acceptance." Section 336.4A-209. "Beneficiary." Section 336.4A-103. "Beneficiary's bank." Section 336.4A-103. "Executed." Section 336.4A-301. "Execution date." Section 336.4A-301. "Funds transfer." Section 336.4A-104. "Funds-transfer system rule." Section 336.4A-501. "Intermediary bank." Section 336.4A-104. "Originator." Section 336.4A-104. "Originator's bank." Section 336.4A-104. "Payment by beneficiary's bank to beneficiary." Section 336.4A-405. "Payment by originator to beneficiary." Section 336.4A-406. "Payment by sender to receiving bank." Section 336.4A-403. "Payment date." Section 336.4A-401. "Payment order." Section 336.4A-103. "Receiving bank." Section 336.4A-103. "Security procedure." Section 336.4A-201. "Sender." Section 336.4A-103. (c) The following definitions in article 4 apply to this article: "Clearinghouse." Section 336.4-104. "Item." Section 336.4-104. "Suspends payments." Section 336.4-104. (d) In addition, sections 336.1-101 to 336.1-206 contain general definitions and principles of construction and interpretation applicable throughout this article. History:  1990 c 582 art 1 s 5; 1995 c 202 art 1 s 25; 2004 c 162 art 2 s 11; 2005 c 10 art 1 s 68
MN Stat § 336.4A-106 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4A-106 — Time Payment Order Is Received.

336.4A-106 TIME PAYMENT ORDER IS RECEIVED. (a) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in section 336.1-202. A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt and processing of payment orders and communications canceling or amending payment orders. Different cut-off times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments. A cut-off time may apply to senders generally or different cut-off times may apply to different senders or categories of payment orders. If a payment order or communication canceling or amending a payment order is received after the close of a funds-transfer business day or after the appropriate cut-off time on a funds-transfer business day, the receiving bank may treat the payment order or communication as received at the opening of the next funds-transfer business day. (b) If this article refers to an execution date or payment date or states a day on which a receiving bank is required to take action, and the date or day does not fall on a funds-transfer business day, the next day that is a funds-transfer business day is treated as the date or day stated, unless the contrary is stated in this article. History:  1990 c 582 art 1 s 6; 2004 c 162 art 2 s 12
MN Stat § 336.4A-107 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4A-107 — Federal Reserve Regulations And Operating Circulars.

336.4A-107 FEDERAL RESERVE REGULATIONS AND OPERATING CIRCULARS. 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. History:   1990 c 582 art 1 s 7
MN Stat § 336.4A-108 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4A-108 — Relationship To Electronic Fund Transfer Act.

336.4A-108 RELATIONSHIP TO ELECTRONIC FUND TRANSFER ACT. (a) Except as provided in subsection (b), this article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title XX, Public Law 95-630, 92 Stat. 3728, United States Code, title 15, section 1693 et seq.) as amended from time to time. (b) This article applies to a funds transfer that is a remittance transfer as defined in the Electronic Fund Transfer Act, United States Code, title 15, section 1693o-1, as amended from time to time, unless the remittance transfer is an electronic fund transfer as defined in the Electronic Fund Transfer Act, United States Code, title 15, section 1693a, as amended from time to time. (c) In a funds transfer to which this article applies, in the event of an inconsistency between an applicable provision of this article and an applicable provision of the Electronic Fund Transfer Act, the provision of the Electronic Fund Transfer Act governs to the extent of the inconsistency. History:  1990 c 582 art 1 s 8; 2013 c 6 s 1
MN Stat § 336.4A-201 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4A-201 — Security Procedure.

336.4A-201 SECURITY PROCEDURE. "Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or canceling a payment order is that of the customer, or (ii) detecting error in the transmission or the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures, or similar security devices. Comparison of a signature on a payment order or communication with an authorized specimen signature of the customer is not by itself a security procedure. History:   1990 c 582 art 1 s 9
MN Stat § 336.4A-202 (2021)
2021 Minnesota Statutes|Chapters 324 - 341 — Trade Regulations, Consumer Protection|Chapter 336 — Uniform Commercial Code|Section 336.4A-202 — Authorized And Verified Payment Orders.

336.4A-202 AUTHORIZED AND VERIFIED PAYMENT ORDERS. (a) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency. (b) If a bank and its customer have agreed that the authenticity of payment orders issued to the bank in the name of the customer as sender will be verified pursuant to a security procedure, a payment order received by the receiving bank is effective as the order of the customer, whether or not authorized, if (i) the security procedure is a commercially reasonable method of providing security against unauthorized payment orders, and (ii) the bank proves that it accepted the payment order in good faith and in compliance with the security procedure and any written agreement or instruction of the customer restricting acceptance of payment orders issued in the name of the customer. The bank is not required to follow an instruction that violates a written agreement with the customer or notice of which is not received at a time and in a manner affording the bank a reasonable opportunity to act on it before the payment order is accepted. (c) Commercial reasonableness of a security procedure is a question of law to be determined by considering the wishes of the customer expressed to the bank, the circumstances of the customer known to the bank, including the size, type, and frequency of payment orders normally issued by the customer to the bank, alternative security procedures offered to the customer, and security procedures in general use by customers and receiving banks similarly situated. A security procedure is deemed to be commercially reasonable if (i) the security procedure was chosen by the customer after the bank offered, and the customer refused, a security procedure that was commercially reasonable for that customer, and (ii) the customer expressly agreed in writing to be bound by any payment order, whether or not authorized, issued in its name and accepted by the bank in compliance with the security procedure chosen by the customer. (d) The term "sender" in this article includes the customer in whose name a payment order is issued if the order is the authorized order of the customer under subsection (a), or it is effective as the order of the customer under subsection (b). (e) This section applies to amendments and cancellations of payment orders to the same extent it applies to payment orders. (f) Except as provided in this section and in section 336.4A-203(a)(1), rights and obligations arising under this section or section 336.4A-203 may not be varied by agreement. History:   1990 c 582 art 1 s 10