Minnesota Statutes > Chapter 336 > Article 3 – Negotiable Instruments

		Sections
Part 1	General Provisions and Definitions	336.3-101 – 336.3-119
Part 2	Negotiation, Transfer, and Endorsement	336.3-201 – 336.3-207
Part 3	Enforcement of Instruments	336.3-301 – 336.3-312
Part 4	Liability of Parties	336.3-401 – 336.3-420
Part 5	Dishonor	336.3-501 – 336.3-505
Part 6	Discharge and Payment	336.3-601 – 336.3-605

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Terms Used In Minnesota Statutes > Chapter 336 > Article 3 - Negotiable Instruments

abode: means domicile;

(2) "action" means any proceeding in any court of this state;

(3) "adult" means an individual 18 years of age or over;

(4) "as now provided by law" means a reference to the laws in force at the time the law containing the phrase was finally enacted;

(5) "as provided by law" means a reference to the laws in force at the particular time the law containing the phrase is applied;

(6) "attorney at law" means an individual admitted to practice law by a court of record of this state;

(7) "attorney of record" means an attorney at law who is entered on the docket or record of a court as appearing for or representing a party in a legal proceeding;

(8) "child" or "children" includes children by birth or adoption;

(9) "day" comprises the time from midnight to the next midnight;

(10) "fiscal year" means the year by or for which accounts are reckoned;

(11) "hereafter" means a reference to the time after the time when the law containing such word takes effect;

(12) "heretofore" means a reference to the time previous to the time when the law containing such word takes effect;

(13) "judicial sale" means a sale conducted by an officer or person authorized for the purpose by some competent tribunal;

(14) "minor" means an individual under the age of 18 years;

(15) "money" means lawful money of the United States;

(16) "night time" means the time from sunset to sunrise;

(17) "non compos mentis" refers to an individual of unsound mind;

(18) "notary" means a notary public;

(19) "now" in any provision of a law referring to other laws in force, or to persons in office, or to any facts or circumstances as existing, relates to the laws in force, or to the persons in office, or to the facts or circumstances existing, respectively, on the effective date of such provision;

(20) "verified" when used in reference to writings, means supported by oath or affirmation. See Minnesota Statutes 645.45
Adult: means an individual 18 years of age or older. See Minnesota Statutes 645.451
Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
Amortization: Paying off a loan by regular installments.
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Association: means a group of two or more persons, who are not all members of an immediate family, acting in concert. See Minnesota Statutes 10A.01
Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
Ballot question: means a question or proposition that is placed on the ballot and that may be voted on by:

(1) all voters of the state;

(2) all voters of Hennepin County;

(3) all voters of any home rule charter city or statutory city located wholly within Hennepin County and having a population of 75,000 or more; or

(4) all voters of Special School District No. See Minnesota Statutes 10A.01
Ballot question political committee: means a political committee that makes only expenditures to promote or defeat a ballot question and disbursements permitted under section 10A. See Minnesota Statutes 10A.01
Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
Board: means the state Campaign Finance and Public Disclosure Board. See Minnesota Statutes 10A.01
Candidate: means an individual who seeks nomination or election as a state constitutional officer, legislator, or judge. See Minnesota Statutes 10A.01
Chair: includes chairman, chairwoman, and chairperson. See Minnesota Statutes 645.44
Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
children: includes children by birth or adoption;

(9) "day" comprises the time from midnight to the next midnight;

(10) "fiscal year" means the year by or for which accounts are reckoned;

(11) "hereafter" means a reference to the time after the time when the law containing such word takes effect;

(12) "heretofore" means a reference to the time previous to the time when the law containing such word takes effect;

(13) "judicial sale" means a sale conducted by an officer or person authorized for the purpose by some competent tribunal;

(14) "minor" means an individual under the age of 18 years;

(15) "money" means lawful money of the United States;

(16) "night time" means the time from sunset to sunrise;

(17) "non compos mentis" refers to an individual of unsound mind;

(18) "notary" means a notary public;

(19) "now" in any provision of a law referring to other laws in force, or to persons in office, or to any facts or circumstances as existing, relates to the laws in force, or to the persons in office, or to the facts or circumstances existing, respectively, on the effective date of such provision;

(20) "verified" when used in reference to writings, means supported by oath or affirmation. See Minnesota Statutes 645.45
Commissioner: means the commissioner of the Department of Administration. See Minnesota Statutes 13.02
Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
Continuance: Putting off of a hearing ot trial until a later time.
Contract: A legal written agreement that becomes binding when signed.
Contribution: includes a loan or advance of credit to a political committee, political fund, principal campaign committee, local candidate, or party unit, if the loan or advance of credit is: (1) forgiven; or (2) repaid by an individual or an association other than the political committee, political fund, principal campaign committee, local candidate, or party unit to which the loan or advance of credit was made. See Minnesota Statutes 10A.01
Conviction: A judgement of guilt against a criminal defendant.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
court administrator: means the court administrator of the court in which the action or proceeding is pending, and "court administrator's office" means that court administrator's office. See Minnesota Statutes 645.44
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Data on individuals: means all government data in which any individual is or can be identified as the subject of that data, unless the appearance of the name or other identifying data can be clearly demonstrated to be only incidental to the data and the data are not accessed by the name or other identifying data of any individual. See Minnesota Statutes 13.02
Decedent: A deceased person.
Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
Descendent: One who is directly descended from another such as a child, grandchild, or great grandchild.
Designee: means any person designated by a responsible authority to be in charge of individual files or systems containing government data and to receive and comply with requests for government data. See Minnesota Statutes 13.02
Devise: To gift property by will.
Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
Donor: The person who makes a gift.
Election: means a primary, special primary, general, or special election. See Minnesota Statutes 10A.01
Election cycle: means the period from January 1 following a general election for an office to December 31 following the next general election for that office, except that "election cycle" for a special election means the period from the date the special election writ is issued to 15 days after the special election is held. See Minnesota Statutes 10A.01
Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
expenditure: includes the dollar value of a donation in kind. See Minnesota Statutes 10A.01
Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
Fiduciary: A trustee, executor, or administrator.
Financial institution: means a lending institution chartered by an agency of the federal government or regulated by the commissioner of commerce. See Minnesota Statutes 10A.01
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
Fraud: Intentional deception resulting in injury to another.
General treasury money: means money that an association other than a principal campaign committee, party unit, or political committee accumulates through membership dues and fees, donations to the association for its general purposes, and income from the operation of a business. See Minnesota Statutes 10A.01
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Government data: means all data collected, created, received, maintained or disseminated by any government entity regardless of its physical form, storage media or conditions of use. See Minnesota Statutes 13.02
Government entity: means a state agency, statewide system, or political subdivision. See Minnesota Statutes 13.02
Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
Independent expenditure: means an expenditure expressly advocating the election or defeat of a clearly identified candidate or local candidate, if the expenditure is made without the express or implied consent, authorization, or cooperation of, and not in concert with or at the request or suggestion of, any candidate or any candidate's principal campaign committee or agent or any local candidate or local candidate's agent. See Minnesota Statutes 10A.01
Independent expenditure political committee: means a political committee that makes only independent expenditures and disbursements permitted under section 10A. See Minnesota Statutes 10A.01
Independent expenditure political fund: means a political fund that makes only independent expenditures and disbursements permitted under section 10A. See Minnesota Statutes 10A.01
Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
individual: includes a parent or guardian or an individual acting as a parent or guardian in the absence of a parent or guardian, except that the responsible authority shall withhold data from parents or guardians, or individuals acting as parents or guardians in the absence of parents or guardians, upon request by the minor if the responsible authority determines that withholding the data would be in the best interest of the minor. See Minnesota Statutes 13.02
Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
Intestate: Dying without leaving a will.
Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Lien: A claim against real or personal property in satisfaction of a debt.
Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
Loan: means an advance of money or anything of value made to a political committee, political fund, principal campaign committee, local candidate, or party unit. See Minnesota Statutes 10A.01
Lobbyist: means an individual:

(1) engaged for pay or other consideration of more than $3,000 from all sources in any year:

(i) for the purpose of attempting to influence legislative or administrative action, or the official action of a political subdivision, by communicating or urging others to communicate with public or local officials; or

(ii) from a business whose primary source of revenue is derived from facilitating government relations or government affairs services if the individual's job duties include offering direct or indirect consulting or advice that helps the business provide those services to clients; or

(2) who spends more than $3,000 of the individual's personal funds, not including the individual's own traveling expenses and membership dues, in any year for the purpose of attempting to influence legislative or administrative action, or the official action of a political subdivision, by communicating or urging others to communicate with public or local officials. See Minnesota Statutes 10A.01
Major political party: means a major political party as defined in section 200. See Minnesota Statutes 10A.01
Majority: means with respect to an individual the period of time after the individual reaches the age of 18. See Minnesota Statutes 645.451
Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
Minor: means an individual under the age of 18. See Minnesota Statutes 645.451
Minor political party: means a minor political party as defined in section 200. See Minnesota Statutes 10A.01
Minority: means with respect to an individual the period of time during which the individual is a minor. See Minnesota Statutes 645.451
Month: means a calendar month and "year" means a calendar year, unless otherwise expressed; and "year" is equivalent to the expression "year of our Lord. See Minnesota Statutes 645.44
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
party unit: means the state committee, the party organization within a house of the legislature, or any other party organization designated by the chair of the political party in an annual certification of party units provided to the board. See Minnesota Statutes 10A.01
Person: means an individual, an association, a political subdivision, or a public higher education system. See Minnesota Statutes 10A.01
Person: means any individual, partnership, corporation, association, business trust, or a legal representative of an organization. See Minnesota Statutes 13.02
Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
Personal property: All property that is not real property.
Plaintiff: The person who files the complaint in a civil lawsuit.
Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
Political committee: means an association whose major purpose is to influence the nomination or election of one or more candidates or local candidates or to promote or defeat a ballot question, other than a principal campaign committee, local candidate, or a political party unit. See Minnesota Statutes 10A.01
Political fund: means an accumulation of dues or voluntary contributions by an association other than a political committee, principal campaign committee, or party unit, if the accumulation is collected or expended to influence the nomination or election of one or more candidates or local candidates or to promote or defeat a ballot question. See Minnesota Statutes 10A.01
Political party: means a major political party or a minor political party. See Minnesota Statutes 10A.01
Political subdivision: means the Metropolitan Council, a metropolitan agency as defined in section 473. See Minnesota Statutes 10A.01
Political subdivision: means any county, statutory or home rule charter city, school district, special district, any town exercising powers under chapter 368 and located in the metropolitan area, as defined in section 473. See Minnesota Statutes 13.02
Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
Principal: means an individual or association that:

(1) spends more than $500 in the aggregate in any calendar year to engage a lobbyist, compensate a lobbyist, or authorize the expenditure of money by a lobbyist; or

(2) is not included in clause (1) and spends a total of at least $50,000 in any calendar year on efforts to influence legislative action, administrative action, or the official action of metropolitan governmental units, as described in section 10A. See Minnesota Statutes 10A.01
Principal campaign committee: means a principal campaign committee formed under section 10A. See Minnesota Statutes 10A.01
Probable cause: A reasonable ground for belief that the offender violated a specific law.
Probate: Proving a will
Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
seal: includes an impression thereof upon the paper alone, as well as an impression on a wafer, wax, or other substance thereto attached. See Minnesota Statutes 645.44
Sentencing guidelines: A set of rules and principles established by the United States Sentencing Commission that trial judges use to determine the sentence for a convicted defendant. ^{Source: U.S. Courts}
Service of process: The service of writs or summonses to the appropriate party.
Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
State agency: means the state, the University of Minnesota, and any office, officer, department, division, bureau, board, commission, authority, district or agency of the state. See Minnesota Statutes 13.02
State committee: means the organization that, by virtue of the bylaws of a political party, is responsible for the day-to-day operation of the political party at the state level. See Minnesota Statutes 10A.01
Statewide system: includes any record-keeping system in which government data is collected, stored, disseminated and used by means of a system common to one or more state agencies or more than one of its political subdivisions or any combination of state agencies and political subdivisions. See Minnesota Statutes 13.02
Statute: A law passed by a legislature.
Subpoena: A command to a witness to appear and give testimony.
Summary data: means statistical records and reports derived from data on individuals but in which individuals are not identified and from which neither their identities nor any other characteristic that could uniquely identify an individual is ascertainable. See Minnesota Statutes 13.02
Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44
Testimony: Evidence presented orally by witnesses during trials or before grand juries.
Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
Trustee: A person or institution holding and administering property in trust.
Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
verified: when used in reference to writings, means supported by oath or affirmation. See Minnesota Statutes 645.45
Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
Violate: includes failure to comply with. See Minnesota Statutes 645.44