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2006 Minnesota Statutes

This is a historical version of this statute section. Also view the most recent published version.

336.3-501 MS 1990 [Repealed, 1992 c 565 s 114]
336.3-501 PRESENTMENT.
(a) "Presentment" means a demand made by or on behalf of a person entitled to enforce an
instrument (i) to pay the instrument made to the drawee or a party obliged to pay the instrument
or, in the case of a note or accepted draft payable at a bank, to the bank, or (ii) to accept a draft
made to the drawee.
(b) The following rules are subject to article 4, agreement of the parties, and clearinghouse
rules and the like:
(1) Presentment may be made at the place of payment of the instrument and must be made at
the place of payment if the instrument is payable at a bank in the United States; may be made by
any commercially reasonable means, including an oral, written, or electronic communication;
is effective when the demand for payment or acceptance is received by the person to whom
presentment is made; and is effective if made to any one of two or more makers, acceptors,
drawees, or other payors.
(2) Upon demand of the person to whom presentment is made, the person making presentment
must (i) exhibit the instrument, (ii) give reasonable identification and, if presentment is made on
behalf of another person, reasonable evidence of authority to do so, and (iii) sign a receipt on the
instrument for any payment made or surrender the instrument if full payment is made.
(3) Without dishonoring the instrument, the party to whom presentment is made may (i)
return the instrument for lack of a necessary endorsement, or (ii) refuse payment or acceptance
for failure of the presentment to comply with the terms of the instrument, an agreement of the
parties, or other applicable law or rule.
(4) The party to whom presentment is made may treat presentment as occurring on the
next business day after the day of presentment if the party to whom presentment is made has
established a cutoff hour not earlier than 2:00 p.m. for the receipt and processing of instruments
presented for payment or acceptance and presentment is made after the cutoff hour.
History: 1992 c 565 s 61

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