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Minnesota Uniform Commercial Code Provisions Regarding the Validity of Promissory Notes - Chapter 63 - Advising Minnesota Corporations and Other Business Organizations - 2nd Edition
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Originally from: Advising Minnesota Corporations and Other Business Organizations - 2nd Edition - Hardcover Advising Minnesota Corporations and Other Business Organizations - 2nd Edition - Electronic
Preview Page CHAPTER 63
MINNESOTA UNIFORM COMMERCIAL
CODE PROVISIONS REGARDING THE
VALIDITY OF PROMISSORY NOTES
Section
§ 63.01 Negotiable Instruments Generally
§ 63.02 Signed by Maker Requirement
§ 63.03 Unconditional Promise Requirement
§ 63.04 Payable on Demand or at a Definite Time Requirement
§ 63.05 Payable to Order or to Bearer Requirement
§ 63.01 Negotiable Instruments Generally
Article 3 of the Uniform Commercial Code (UCC) has been adopted
in Minnesota and it regulates commercial paper.1 Included in Article 3
are provisions which deal with negotiable instruments. Negotiable
instruments are defined in Minn. Stat. § 336.3-104: (1) Any writing to be a negotiable instrument within this article must
(a) be signed by the maker or drawer;2
(b) contain an unconditional promise or order to pay a sum
certain in money and no other promise, order, obligation or
power given by the maker or drawer except as authorized by
this article;3 and
(c) be payable on demand or at a definite time;4 and
(d) be payable to order or to bearer.5 Promissory notes, like checks and certificates of deposit, qualify as
negotiable instruments if they meet the aforementioned criteria.6
Whether or not an instrument is negotiable is important because it affects
the legal rights and remedies of the parties involved. If the instrument is
negotiable, then the defenses that a maker or drawer have against the
transferee may be limited.7
Roger J. Magnuson is a Partner at Dorsey and Whitney, LLP, where he serves as Head of the National Strategic Litigation Group and has practiced since 1973. He has been recognized as one of the top trial lawyers in the United States by major national and international publications, including Chambers International Guide to American Lawyers, which profiles the top 500 trial lawyers in the United States, Best Lawyers in America, Who's Who in American Law, and Who's Who in America. Mr. Magnuson was also recognized by a Journal of Law and Politics' survey for Judge's Choice "Wins Most Cases."
Some high profile cases that he has litigated include representation of the Florida Senate in the Bush v. Gore election controversy in 2000; and representation of the Plaintiffs in the widely publicized and studied Mall of America case. For several years he has represented, among other persons and entities, the Minnesota Twins and Major League Baseball principals and players in litigation; and has litigated national and local cases in federal and state court venues. He has appealed before the Supreme Court in a number of cases; as well as the Minnesota Supreme Court. He has authored several articles and 7 books.
Richard A. Saliterman is a Principal in Saliternan & Siefferman P.C., a full-service firm in Minneapolis established in 1976. Mr. Saliterman is a leading expert on corporate business matters, and is the author of several publications on business start-ups, franchises, and trademarks. Mr. Saliterman is the former National Judge Advocate for the U.S. Navy League, based in Washington D.C.
Contributing Editor:
Amanda Chang
Contributing Authors:
Alecia Anderson
Seth Back
John Baker
Shannon Berg
Constatin Burachek
Benjamin Carpenter
Ryan Check
Carl Christensen
Peter Fear
Michael Frasier
Aaron Hall
Catherine Hanson
Paul Harman
Amy Ithlan
Michael Kern
Chris Kuhlman
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