Ask a question on the site
Questions
Lawyers
Blogs
Legislation
Contacts
Become a lawyer
Login Registration
174-1962-4A-1 - Part 1 Subject Matters and Definitions (440.4601...440.4608)
Section 440.4601 - Short Title. - Sec. 4A101. This article shall be known and may be...
Section 440.4602 - Applicability of Article. - Sec. 4A102. Except as otherwise provided in section 4A108, this...
Section 440.4603 - Definitions; Instruction as a Separate Payment Order; Issuance of Payment Order. - Sec. 4A103. (1) As used in this article: (a) "Payment...
Section 440.4604 - Definitions. - Sec. 4A104. As used in this article: (a) "Funds transfer"...
Section 440.4605 - Definitions; Sections Where Other Definitions Appear. - Sec. 4A105. (1) As used in this article: (a) "Authorized...
Section 440.4606 - Payment Order or Communication Canceling or Amending Payment Order; Determining Time of Receipt. - Sec. 4A106. (1) The time of receipt of a payment...
Section 440.4607 - Regulations of Federal Reserve System as Superseding Article. - Sec. 4A107. Regulations of the board of governors of the...
Section 440.4608 - Applicability of Article to Certain Funds Transfer; Inconsistency; "Electronic Fund Transfer Act" Defined. - Sec. 4A108. (1) Except as provided in subsection (2), this...
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...
174-1962-4A-3 - Part 3 Execution of Sender's Payment Order by Receiving Bank (440.4801...440.4805)
Section 440.4801 - Execution of Payment Order; “Execution Date” Defined. - Sec. 4A301. (1) A payment order is "executed" by the...
Section 440.4802 - Receiving Bank; Acceptance of Payment Order Pursuant to MCL 440.4709(1); Obligations of Bank to Execute Order; Use of Funds-Transfer System; Transmission by First-Class Mail or Reasonable Means; Payment of Charges for Services and... - Sec. 4A302. (1) Except as provided in subsections (2) through...
Section 440.4803 - Receiving Bank; Payment of Sender's Order Pursuant to MCL 440.4902(3); Effect of Erroneous Payment Order; Applicability of Subsection (2); Obligation of Sender to Pay Payment Order; Recovery by Issuer From Beneficiary. - Sec. 4A303. (1) A receiving bank that executes the payment...
Section 440.4804 - Notification From Receiving Bank of Erroneously Executed Payment Order; Duties of Sender; Obligation to Pay Interest; Recovery by Bank Prohibited. - Sec. 4A304. If the sender of a payment order that...
Section 440.4805 - Receiving Bank; Payment Delay; Interest; Liability to Originator for Expenses Resulting From Improper Execution; Recovery of Damages; Failure to Execute Pursuant to Express Agreement; Attorney Fees; Liability of Bank Under Subsecti... - Sec. 4A305. (1) If a funds transfer is completed but...
174-1962-4A-4 - Part 4 Payment (440.4901...440.4906)
Section 440.4901 - “Payment Date” Defined. - Sec. 4A401. "Payment date" of a payment order means the...
Section 440.4902 - Payment Order Issued to Beneficiary or Receiving Bank Subject to MCL 440.4705 and 440.4707; Payment by Sender; Refund; Right of Sender Executing Payment Order to Receive or Retain Payment; Right of Sender to Be Excused From Obligat... - Sec. 4A402. (1) This section is subject to sections 4A205...
Section 440.4903 - Sender's Obligation Under MCL 440.4902 to Pay Receiving Bank; Payment Requirements; Final Settlement; Satisfaction of Sender's Payment Obligation. - Sec. 4A403. (1) Payment of the sender's obligation under section...
Section 440.4904 - Beneficiary Bank; Acceptance of Payment Order Subject to MCL 440.4711(5), 440.4905(4), and 440.4905(5); Payment Due Date; Refusal of Bank to Pay After Demand; Recovery of Damages; Instruction to Pay to Beneficiary's Account; Notice... - Sec. 4A404. (1) Subject to sections 4A211(5), 4A405(4), and 4A405(5),...
Section 440.4905 - Beneficiary Bank; Crediting Account of Beneficiary of Payment Order; Payment of Bank Obligations Under MCL 440.4904(1); Time of Payment; Condition to Payment or Agreement; Provisional Payments to Beneficiary Under Funds-Transfer Sy... - Sec. 4A405. (1) If the beneficiary's bank credits an account...
Section 440.4906 - Originator of Funds Transfer; Conditions for Payment to Beneficiary; Satisfaction and Discharge of Obligation; Determination; Rights Varied by Agreement. - Sec. 4A406. (1) Subject to sections 4A211(5), 4A405(4), and 4A405(5),...
174-1962-4A-5 - Part 5 Miscellaneous Provisions (440.4951...440.4957)
Section 440.4951 - Rights and Obligations of Party to Funds Transfer Varied by Agreement of Affected Party; “Funds-Transfer System Rule” Defined. - Sec. 4A501. (1) Except as otherwise provided in this article,...
Section 440.4952 - “Creditor Process” Defined and Explained. - Sec. 4A502. (1) As used in this section, "creditor process"...
Section 440.4953 - Powers of Court With Respect to Funds Transfer. - Sec. 4A503. For proper cause and in compliance with applicable...
Section 440.4954 - Receiving Bank; Authority to Charge Sender's Account; Credits. - Sec. 4A504. (1) If a receiving bank has received more...
Section 440.4955 - Customer Objection to Payment; Notification Required. - Sec. 4A505. If a receiving bank has received payment from...
Section 440.4956 - Receiving Bank; Determination of Interest Payable. - Sec. 4A506. (1) If, under this article, a receiving bank...
Section 440.4957 - Rights and Obligations of Parties; Application of Choice of Law. - Sec. 4A507. (1) The following rules apply unless the affected...