2006 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.3-202 NEGOTIATION SUBJECT TO RESCISSION.
336.3-202 MS 1990 [Repealed, 1992 c 565 s 114]
336.3-202 NEGOTIATION SUBJECT TO RESCISSION.
(a) Negotiation is effective even if obtained (i) from an infant, a corporation exceeding its
powers, or a person without capacity, (ii) by fraud, duress, or mistake, or (iii) in breach of duty
or as part of an illegal transaction.
(b) To the extent permitted by other law, negotiation may be rescinded or may be subject
to other remedies, but those remedies may not be asserted against a subsequent holder in due
course or a person paying the instrument in good faith and without knowledge of facts that are a
basis for rescission or other remedy.
History: 1992 c 565 s 23
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