Michigan Compiled Laws
Article 4A - Funds Transfers (440.4601...440.4957)
174-1962-4A-2 - Part 2 Issue and Acceptance of Payment Order (440.4701...440.4712)

Section 440.4701 - “Security Procedure” Defined. - Sec. 4A201. "Security procedure" means a procedure established by agreement...

Section 440.4702 - Authorized Payment Order; Verification by Security Procedure; Determination of Commercial Reasonableness; “Sender” Defined; Applicability of Section to Amendments and Cancellations of Payment Orders; Agreement to Vary Rights and Ob... - Sec. 4A202. (1) A payment order received by the receiving...

Section 440.4703 - Payment Order Effective Pursuant to MCL 440.4702; Application of Rules; Applicability of Section to Amendments of Payment Orders. - Sec. 4A203. (1) If an accepted payment order is not,...

Section 440.4704 - Receiving Bank; Acceptance of Unauthorized or Nonenforceable Payment; Refund; Interest; Recovery; Reasonable Time Fixed by Agreement; Agreement to Vary Obligation to Refund Payment Prohibited. - Sec. 4A204. (1) If a receiving bank accepts a payment...

Section 440.4705 - Erroneous Payment Order; Duty and Liability of Sender Upon Notification From Receiving Bank; Applicability of Section to Amendments to Payment Orders. - Sec. 4A205. (1) If an accepted payment order was transmitted...

Section 440.4706 - Transmitting Payment Order to Funds-Transfer System or Other Third-Party Communication System; System as Agent; Effect of Discrepancy; Applicability of Section. - Sec. 4A206. (1) If a payment order addressed to a...

Section 440.4707 - Payment Order; Identification of Beneficiary; Nonexistent or Unidentifiable Person or Account; Name and Number Identifying Different Persons; Inconsistent Identification by Name and Number; Recovery of Amount Paid. - Sec. 4A207. (1) Subject to subsection (2), if, in a...

Section 440.4708 - Payment Order; Identification of Intermediary or Beneficiary Bank; Rules. - Sec. 4A208. (1) The following rules apply to a payment...

Section 440.4709 - Acceptance of Payment Order. - Sec. 4A209. (1) Subject to subsection (4), a receiving bank...

Section 440.4710 - Rejection of Payment Order. - Sec. 4A210. (1) A payment order is rejected by the...

Section 440.4711 - Communication by Sender Canceling or Amending Payment Order; Method of Transmission; Effectiveness; Liability of Sender for Loss and Expenses; Revocation by Death or Legal Incapacity; Effectiveness of Funds-Transfer System Rule. - Sec. 4A211. (1) A communication of the sender of a...

Section 440.4712 - Receiving Bank; Failure to Accept Payment Order; Liability for Breach of Agreement to Accept Payment Order. - Sec. 4A212. If a receiving bank fails to accept a...