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Office of the Revisor of Statutes

336.3-411 MS 1990 [Repealed, 1992 c 565 s 114]
(a) In this section, "obligated bank" means the acceptor of a certified check or the issuer of a
cashier's check or teller's check bought from the issuer.
(b) If the obligated bank wrongfully (i) refuses to pay a cashier's check or certified check, (ii)
stops payment of a teller's check, or (iii) 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 and may recover consequential damages if the obligated
bank refuses to pay after receiving notice of particular circumstances giving rise to the damages.
(c) Expenses or consequential damages under subsection (b) are not recoverable if the
refusal of the obligated bank to pay occurs because (i) the bank suspends payments, (ii) the
obligated bank asserts a claim or defense of the bank that it has reasonable grounds to believe
is available against the person entitled to enforce the instrument, (iii) the obligated bank has a
reasonable doubt whether the person demanding payment is the person entitled to enforce the
instrument, or (iv) payment is prohibited by law.
History: 1992 c 565 s 51