Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
336.4A-304 DUTY OF SENDER TO REPORT ERRONEOUSLY EXECUTED PAYMENT
ORDER.
If the sender of a payment order that is erroneously executed as stated in section 336.4A-303
receives notification from the receiving bank that the order was executed or that the sender's
account was debited with respect to the order, the sender has a duty to exercise ordinary care to
determine, on the basis of information available to the sender, that the order was erroneously
executed and to notify the bank of the relevant facts within a reasonable time not exceeding 90
days after the notification from the bank was received by the sender. If the sender fails to perform
that duty, the bank is not obliged to pay interest on any amount refundable to the sender under
section 336.4A-402(d) for the period before the bank learns of the execution error. The bank is
not entitled to any recovery from the sender on account of a failure by the sender to perform the
duty stated in this section.
History: 1990 c 582 art 1 s 24
ORDER.
If the sender of a payment order that is erroneously executed as stated in section 336.4A-303
receives notification from the receiving bank that the order was executed or that the sender's
account was debited with respect to the order, the sender has a duty to exercise ordinary care to
determine, on the basis of information available to the sender, that the order was erroneously
executed and to notify the bank of the relevant facts within a reasonable time not exceeding 90
days after the notification from the bank was received by the sender. If the sender fails to perform
that duty, the bank is not obliged to pay interest on any amount refundable to the sender under
section 336.4A-402(d) for the period before the bank learns of the execution error. The bank is
not entitled to any recovery from the sender on account of a failure by the sender to perform the
duty stated in this section.
History: 1990 c 582 art 1 s 24
Official Publication of the State of Minnesota
Revisor of Statutes