MS 1990 [Repealed, 1992 c 565 s 114
336.3-503 NOTICE OF DISHONOR.
(a) The obligation of an endorser stated in section
and the obligation of a
drawer stated in section
may not be enforced unless (i) the endorser or drawer is
given notice of dishonor of the instrument complying with this section or (ii) notice of dishonor is
excused under section
(b) Notice of dishonor may be given by any person; may be given by any commercially
reasonable means, including an oral, written, or electronic communication; and is sufficient if
it reasonably identifies the instrument and indicates that the instrument has been dishonored or
has not been paid or accepted. Return of an instrument given to a bank for collection is sufficient
notice of dishonor.
(c) Subject to section
, with respect to an instrument taken for collection by
a collecting bank, notice of dishonor must be given (i) by the bank before midnight of the next
banking day following the banking day on which the bank receives notice of dishonor of the
instrument, or (ii) by any other person within 30 days following the day on which the person
receives notice of dishonor. With respect to any other instrument, notice of dishonor must be
given within 30 days following the day on which dishonor occurs.
History: 1992 c 565 s 63