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.
336.4-303 WHEN ITEMS SUBJECT TO NOTICE, STOP-PAYMENT ORDER, LEGAL
PROCESS, OR SETOFF; ORDER IN WHICH ITEMS MAY BE CHARGED OR
CERTIFIED.
(a) Any knowledge, notice, or stop-payment order received by, legal process served upon, or
setoff exercised by a payor bank comes too late to terminate, suspend, or modify the bank's right
or duty to pay an item or to charge its customer's account for the item if the knowledge, notice,
stop-payment order, or legal process is received or served and a reasonable time for the bank to
act thereon expires or the setoff is exercised after the earliest of the following:
(1) the bank accepts or certifies the item;
(2) the bank pays the item in cash;
(3) the bank settles for the item without having a right to revoke the settlement under statute,
clearinghouse rule, or agreement;
(4) the bank becomes accountable for the amount of the item under section 336.4-302 dealing
with the payor bank's responsibility for late return of items; or
(5) with respect to checks, a cutoff hour no earlier than one hour after the opening of the
next banking day after the banking day on which the bank received the check and no later than
the close of that next banking day or, if no cutoff hour is fixed, the close of the next banking day
after the banking day on which the bank received the check.
(b) Subject to subsection (a), items may be accepted, paid, certified, or charged to the
indicated account of its customer in any order.
History: 1965 c 811 s 336.4-303; 1969 c 621 s 2; 1992 c 565 s 101
PROCESS, OR SETOFF; ORDER IN WHICH ITEMS MAY BE CHARGED OR
CERTIFIED.
(a) Any knowledge, notice, or stop-payment order received by, legal process served upon, or
setoff exercised by a payor bank comes too late to terminate, suspend, or modify the bank's right
or duty to pay an item or to charge its customer's account for the item if the knowledge, notice,
stop-payment order, or legal process is received or served and a reasonable time for the bank to
act thereon expires or the setoff is exercised after the earliest of the following:
(1) the bank accepts or certifies the item;
(2) the bank pays the item in cash;
(3) the bank settles for the item without having a right to revoke the settlement under statute,
clearinghouse rule, or agreement;
(4) the bank becomes accountable for the amount of the item under section 336.4-302 dealing
with the payor bank's responsibility for late return of items; or
(5) with respect to checks, a cutoff hour no earlier than one hour after the opening of the
next banking day after the banking day on which the bank received the check and no later than
the close of that next banking day or, if no cutoff hour is fixed, the close of the next banking day
after the banking day on which the bank received the check.
(b) Subject to subsection (a), items may be accepted, paid, certified, or charged to the
indicated account of its customer in any order.
History: 1965 c 811 s 336.4-303; 1969 c 621 s 2; 1992 c 565 s 101
Official Publication of the State of Minnesota
Revisor of Statutes