Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)

Section 440.1203 - Transaction in Form of Lease; "Remaining Economic Life of the Goods" and "Reasonably Predictable" Fair Market Rent, Fair Market Value, or Cost of Performing Under Lease Agreement; Determination. - Sec. 1203. (1) Whether a transaction in the form of...

Section 440.1204 - Value for Rights. - Sec. 1204. Except as otherwise provided in articles 3, 4,...

Section 440.1205 - Time for Taking Action. - Sec. 1205. (1) Whether a time for taking an action...

Section 440.1206 - Presumption. - Sec. 1206. Whenever this act creates a "presumption" with respect...

Section 440.1207 - Repealed. 2012, Act 86, Eff. July 1, 2013. - Compiler's Notes: The repealed section pertained to performance or acceptance...

Section 440.1208 - Repealed. 2012, Act 86, Eff. July 1, 2013. - Compiler's Notes: The repealed section pertained to right to accelerate...

Section 440.1209 - Repealed. 2012, Act 86, Eff. July 1, 2013. - Compiler's Notes: The repealed section pertained to subordination.

Section 440.1210 - Repealed. 2012, Act 86, Eff. July 1, 2013. - Compiler's Notes: The repealed section pertained to definitions.

Section 440.1211 - Repealed. 2012, Act 86, Eff. July 1, 2013. - Compiler's Notes: The repealed section pertained to contract, security, or...

174-1962-1-3 - Part 3 Territorial Applicability and General Rules (440.1301...440.1310)

Section 440.1301 - Applicability of Law of This State or Other State or Nation; Applicability of Act to Transactions Bearing Relation to State; Provisions Specifying Applicable Law. - Sec. 1301. (1) Except as otherwise provided in this section,...

Section 440.1302 - Agreements; "Unless Otherwise Agreed"; Implication. - Sec. 1302. (1) Except as otherwise provided in subsection (2)...

Section 440.1303 - Course of Performance, Course of Dealing, or Usage of Trade. - Sec. 1303. (1) For purposes of this act, a "course...

Section 440.1304 - Good Faith Obligation. - Sec. 1304. Every contract or duty within this act imposes...

Section 440.1305 - Administration of Remedies; Enforcement of Right or Obligation. - Sec. 1305. (1) The remedies provided in this act must...

Section 440.1306 - Claim or Right Arising Out of Alleged Breach; Discharge. - Sec. 1306. A claim or right arising out of an...

Section 440.1307 - Prima Facie Evidence of Certain Documents. - Sec. 1307. A document in due form purporting to be...

Section 440.1308 - Performance or Promise of Performance; Effect of Reservation of Rights; Applicability of Subsection (1) to Accord and Satisfaction. - Sec. 1308. (1) A party that with explicit reservation of...

Section 440.1309 - Accelerating Payment or Performance or Requiring Collateral or Additional Collateral. - Sec. 1309. A term providing that 1 party or that...

Section 440.1310 - Subordination. - Sec. 1310. An obligation may be issued as subordinated to...

Article 2 - Sales (440.2101...440.2725)

174-1962-2-1 - Part 1 Short Title, General Construction and Subject Matter (440.2101...440.2107)

Section 440.2101 - Uniform Commercial Code—sales; Short Title. - Sec. 2101. This article shall be known and may be...

Section 440.2102 - Application of Article; Security and Other Transactions Excluded. - Sec. 2102. Unless the context otherwise requires, this article applies...

Section 440.2103 - Article 2; Definitions. - Sec. 2103. (1) In this article unless the context otherwise...

Section 440.2104 - “Merchant," “Financing Agency,” and “Between Merchants” Defined. - Sec. 2104. (1) "Merchant" means a person that deals in...

Section 440.2105 - Goods, Lot, Commercial Unit; Definitions. - Sec. 2105. (1) "Goods" means all things (including specially manufactured...

Section 440.2106 - Contract, Agreement, Contract for Sale, Sale, Present Sale; Definitions of Certain Terms. - Sec. 2106. (1) In this article unless the context otherwise...

Section 440.2107 - Contract for Sale of Property Removable or Severable From Realty as Contract for Sale of Goods; Third Party Rights; Execution and Recording as Notice to Third Parties. - Sec. 2107. (1) A contract for the sale of minerals...

174-1962-2-2 - Part 2 Form, Formation and Readjustment of Contracts (440.2201...440.2210)

Section 440.2201 - Formal Requirements; Statute of Frauds. - Sec. 2201. (1) Except as otherwise provided in this section,...

Section 440.2202 - Final Written Expression of Agreement; Parol or Extrinsic Evidence. - Sec. 2202. Terms with respect to which the confirmatory memoranda...

Section 440.2203 - Seals. - Sec. 2203. The affixing of a seal to a writing...

Section 440.2204 - Contract for Sale; Formation, Conduct, Time, Open Terms. - Sec. 2204. (1) A contract for sale of goods may...

Section 440.2205 - Firm Offers. - Sec. 2205. An offer by a merchant to buy or...

Section 440.2206 - Offer and Acceptance in Formation of Contract. - Sec. 2206. (1) Unless otherwise unambiguously indicated by the language...

Section 440.2207 - Additional or Different Terms in Acceptance; Contract by Conduct. - Sec. 2207. (1) A definite and seasonable expression of acceptance...

Section 440.2208 - Repealed. 2012, Act 86, Eff. July 1, 2013. - Compiler's Notes: The repealed section pertained to course of performance.

Section 440.2209 - Modification; Rescission; Waiver, Retraction. - Sec. 2209. (1) An agreement modifying a contract within this...

Section 440.2210 - Delegation of Performance; Assignment of Rights. - Sec. 2210. (1) A party may perform that party's duty...

174-1962-2-3 - Part 3 General Obligation and Construction of Contract (440.2301...440.2328)

Section 440.2301 - Obligations of Seller and Buyer. - Sec. 2301. The obligation of the seller is to transfer...

Section 440.2302 - Unconscionable Contract or Clause. - Sec. 2302. (1) If the court as a matter of...

Section 440.2303 - Allocation or Division of Risk or Burden. - Sec. 2303. Where this article allocates a risk or a...

Section 440.2304 - Price; Payment in Money, Goods, Realty, or Otherwise. - Sec. 2304. (1) The price can be made payable in...

Section 440.2305 - Open Price Term; Fixed Price. - Sec. 2305. (1) The parties if they so intend can...

Section 440.2306 - Output of Seller; Requirement of Buyer; Exclusive Dealing. - Sec. 2306. (1) A term which measures the quantity by...

Section 440.2307 - Delivery in Single Lot or Several Lots; Payment. - Sec. 2307. Unless otherwise agreed all goods called for by...

Section 440.2308 - Place for Delivery of Goods and Documents of Title. - Sec. 2308. Unless otherwise agreed (a) the place for delivery...

Section 440.2309 - Time of Performance; Contract Termination. - Sec. 2309. (1) The time for shipment or delivery or...

Section 440.2310 - Open Time and Place for Payment or Running of Credit; Shipment Under Reservation; Inspection. - Sec. 2310. Unless otherwise agreed, all of the following apply:...

Section 440.2311 - Specification of Performance; Assortment and Shipment of Goods; Remedies. - Sec. 2311. (1) An agreement for sale which is otherwise...

Section 440.2312 - Warranties of Title; Freedom From Liens. - Sec. 2312. (1) Subject to subsection (2) there is in...

Section 440.2313 - Creation of Express Warranties by Seller. - Sec. 2313. (1) Express warranties by the seller are created...

Section 440.2313b - Express Warranty; Extension; Merchant or Warrantor to Give Purchaser Writing Stating Time Period. - Sec. 2313b. An express warranty covering goods sold to a...

Section 440.2314 - Implied Warranty; Merchantability, Course of Dealing, Usage of Trade. - Sec. 2314. (1) Unless excluded or modified (section 2316), a...

Section 440.2315 - Implied Warranty; Fitness for Particular Purpose. - Sec. 2315. Where the seller at the time of contracting...

Section 440.2316 - Words or Conduct Relevant to Creation of Express Warranty and Tending to Negate or Limit Warranty; Construction; Excluding or Modifying Implied Warranty of Merchantability and Implied Warranty of Fitness; Language; Example; Limitin... - Sec. 2316. (1) Words or conduct relevant to the creation...

Section 440.2317 - Warranties; Cumulation and Conflict. - Sec. 2317. Warranties whether express or implied shall be construed...

Section 440.2318 - Warranties; Third Party Beneficiaries. - Sec. 2318. A seller's warranty whether express or implied extends...

Section 440.2319 - f.o.b. and f.a.s. Terms. - Sec. 2319. (1) Unless otherwise agreed the term F.O.B. (which...

Section 440.2320 - c.i.f. and C. & F. Terms. - Sec. 2320. (1) The term C.I.F. means that the price...

Section 440.2321 - c.i.f. and C. & F. Terms, Net Landed Weights, Delivered Weights, Out Turn; Warranty of Condition on Arrival, Inspection Before Payment. - Sec. 2321. Under a contract containing a term C.I.F. or...

Section 440.2322 - Delivery Exship. - Sec. 2322. (1) Unless otherwise agreed a term for delivery...

Section 440.2323 - Overseas Shipment; Bill of Lading, Form. - Sec. 2323. (1) If a contract contemplates overseas shipment and...

Section 440.2324 - No Arrival, No Sale Terms. - Sec. 2324. Under a term "no arrival, no sale" or...

Section 440.2325 - Letter of Credit or Banker's Credit; Confirmed Credit; Definitions. - Sec. 2325. (1) Failure of the buyer seasonably to furnish...

Section 440.2326 - Transaction as “Sale on Approval” or “Sale or Return” if Delivered Goods Returnable by Buyer; Claims of Creditors; Effect of “Or Return” Term of Contract for Sale; Work of Fine Art Not Subject to Claims of Art Dealer's Creditors; “... - Sec. 2326. (1) Unless otherwise agreed, if delivered goods may...

Section 440.2327 - Sale on Approval; Sale or Return; Special Incidents. - Sec. 2327. (1) Under a sale on approval unless otherwise...

Section 440.2328 - Sale by Auction; Sale With Reserve; Forced Sale. - Sec. 2328. (1) In a sale by auction if goods...

174-1962-2-4 - Part 4 Title, Creditors and Good Faith Purchasers (440.2401...440.2403)

Section 440.2401 - Passing of Title; Reservation for Security; Limited Application of Section; Rejection; Revesting. - Sec. 2401. Each provision of this article with regard to...

Section 440.2402 - Rights of Seller's Creditors Against Sold Goods. - Sec. 2402. (1) Except as provided in subsections (2) and...

Section 440.2403 - Purchasers and Transferees; Title, Rights, and Powers to Transfer Goods; Entrusting. - Sec. 2403. (1) A purchaser of goods acquires all title...

174-1962-2-5 - Part 5 Performance (440.2501...440.2515)

Section 440.2501 - Special Property and Insurable Interest in Goods; Identification of Goods. - Sec. 2501. (1) The buyer obtains a special property and...

Section 440.2502 - Special Property and Insurable Interest in Goods. - Sec. 2502. (1) Subject to subsections (2) and (3) and...

Section 440.2503 - Tender of Delivery by Seller; Shipment; Destination; Goods in Possession of Bailee; Documents. - Sec. 2503. (1) Tender of delivery requires that the seller...

Section 440.2504 - Delivery by Shipment; Contract With Carrier, Documents, Notice. - Sec. 2504. Where the seller is required or authorized to...

Section 440.2505 - Shipment With and Without Reservation by Seller. - Sec. 2505. (1) Both of the following apply if a...

Section 440.2506 - Financing Agency; Rights; Reimbursement. - Sec. 2506. (1) A financing agency by paying or purchasing...

Section 440.2507 - Tender of Delivery; Conditions, Payment. - Sec. 2507. (1) Tender of delivery is a condition to...

Section 440.2508 - Improper Delivery; Cure, Replacement. - Sec. 2508. (1) Where any tender or delivery by the...

Section 440.2509 - Risk of Loss; Absence of Breach. - Sec. 2509. (1) The following apply if a contract requires...

Section 440.2510 - Risk of Loss; Effect of Breach. - Sec. 2510. (1) Where a tender or delivery of goods...

Section 440.2511 - Payment by Buyer; Tender, Check. - Sec. 2511. (1) Unless otherwise agreed tender of payment is...

Section 440.2512 - Payment by Buyer; Inspection, Nonconforming Goods. - Sec. 2512. (1) If the contract requires payment before inspection...

Section 440.2513 - Inspection by Buyer; Time, Expenses, Place, Method. - Sec. 2513. (1) Unless otherwise agreed and subject to subsection...

Section 440.2514 - Documents; Delivery to Drawee on Acceptance or Payment. - Sec. 2514. Unless otherwise agreed documents against which a draft...

Section 440.2515 - Adjustment of Dispute; Preservation of Evidence, Inspection. - Sec. 2515. In furtherance of the adjustment of any claim...

174-1962-2-6 - Part 6 Breach, Repudiation and Excuse (440.2601...440.2616)

Section 440.2601 - Improper Delivery; Buyer's Rights. - Sec. 2601. Subject to the provisions of this article on...

Section 440.2602 - Rejection of Goods. - Sec. 2602. (1) Rejection of goods must be within a...

Section 440.2603 - Rejection of Goods; Merchant Buyer's Duties. - Sec. 2603. (1) Subject to any security interest in the...

Section 440.2604 - Rejection of Goods; Buyer's Options. - Sec. 2604. Subject to the provisions of the immediately preceding...

Section 440.2605 - Rejection of Goods; Failure of Buyer to Particularize Defect. - Sec. 2605. (1) A buyer's failure to state in connection...

Section 440.2606 - Acceptance of Goods; Occurrence. - Sec. 2606. (1) Acceptance of goods occurs when the buyer...

Section 440.2607 - Acceptance of Goods; Effect; Notice of Breach; Burden of Establishing Breach; Notice of Claim or Litigation to Person Answerable. - Sec. 2607. (1) The buyer must pay at the contract...

Section 440.2608 - Acceptance of Goods; Revocation, Time, Notice, Effect. - Sec. 2608. (1) The buyer may revoke his acceptance of...

Section 440.2609 - Contract for Sale; Performance; Insecurity, Demand, Assurance of Due Performance. - Sec. 2609. (1) A contract for sale imposes an obligation...

Section 440.2610 - Anticipatory Repudiation. - Sec. 2610. When either party repudiates the contract with respect...

Section 440.2611 - Anticipatory Repudiation; Retraction. - Sec. 2611. (1) Until the repudiating party's next performance is...

Section 440.2612 - Installment Contract; Breach. - Sec. 2612. (1) An "installment contract" is one which requires...

Section 440.2613 - Casualty to Identified Goods; Total Loss; Partial Loss, Option of Buyer. - Sec. 2613. Where the contract requires for its performance goods...

Section 440.2614 - Substituted Performance; Acceptance, Payment. - Sec. 2614. (1) Where without fault of either party the...

Section 440.2615 - Failure of Presupposed Conditions; Nondelivery, Partial Delivery, Excuse. - Sec. 2615. Except so far as a seller may have...

Section 440.2616 - Procedure on Notice Claiming Excuse. - Sec. 2616. (1) Where the buyer receives notification of a...

174-1962-2-7 - Part 7 Remedies (440.2701...440.2725)

Section 440.2701 - Collateral or Ancillary Contracts; Remedies for Breach. - Sec. 2701. Remedies for breach of any obligation or promise...

Section 440.2702 - Insolvency of Buyer; Remedies of Seller. - Sec. 2702. (1) Where the seller discovers the buyer to...

Section 440.2703 - Buyer's Wrongful Rejection, Revocation of Acceptance, or Nonpayment; Remedies of Seller. - Sec. 2703. Where the buyer wrongfully rejects or revokes acceptance...

Section 440.2704 - Buyer's Wrongful Rejection, Revocation of Acceptance, or Nonpayment; Identification of Goods; Resale; Salvage. - Sec. 2704. (1) An aggrieved seller under the preceding section...

Section 440.2705 - Stoppage of Delivery in Transit or Otherwise; Conditions; Notice to Bailee. - Sec. 2705. (1) A seller may stop delivery of goods...

Section 440.2706 - Buyer's Wrongful Rejection, Revocation of Acceptance, or Nonpayment; Resale by Seller; Recovery of Loss; Notice to Buyer; Profit. - Sec. 2706. (1) Under the conditions stated in section 2703...

Section 440.2707 - Person in the Position of a Seller. - Sec. 2707. (1) A "person in the position of a...

Section 440.2708 - Nonacceptance or Repudiation; Seller's Damages. - Sec. 2708. (1) Subject to subsection (2) and to the...

Section 440.2709 - Nonpayment; Action for Price, Damages. - Sec. 2709. (1) When the buyer fails to pay the...

Section 440.2710 - Seller's Incidental Damages. - Sec. 2710. Incidental damages to an aggrieved seller include any...

Section 440.2711 - Nondelivery, Repudiation, Rejection, or Revocation of Acceptance; Buyer's Remedies; Security Interest in Goods. - Sec. 2711. (1) Where the seller fails to make delivery...

Section 440.2712 - Cover; Procurement of Substitute Goods; Buyer's Damages. - Sec. 2712. (1) After a breach within the preceding section...

Section 440.2713 - Nondelivery or Repudiation; Buyer's Damages. - Sec. 2713. (1) Subject to the provisions of this article...

Section 440.2714 - Accepted Goods; Buyer's Damages for Breach. - Sec. 2714. (1) Where the buyer has accepted goods and...

Section 440.2715 - Buyer's Incidental and Consequential Damages. - Sec. 2715. (1) Incidental damages resulting from the seller's breach...

Section 440.2716 - Specific Performance; Replevin; Claim and Delivery. - Sec. 2716. (1) Specific performance may be decreed where the...

Section 440.2717 - Deduction of Damages From Price; Notice. - Sec. 2717. The buyer on notifying the seller of his...

Section 440.2718 - Liquidation and Limitation of Damages; Restitution to Buyers. - Sec. 2718. (1) Damages for breach by either party may...

Section 440.2719 - Contractual Modification or Limitation of Remedies. - Sec. 2719. (1) Subject to the provisions of subsections (2)...

Section 440.2720 - Cancellation, Rescission, Antecedent Breach. - Sec. 2720. Unless the contrary intention clearly appears, expressions of...

Section 440.2721 - Remedies for Misrepresentation or Fraud. - Sec. 2721. Remedies for material misrepresentation or fraud include all...

Section 440.2722 - Right of Action Against Third Party for Injury to Goods. - Sec. 2722. Where a third party so deals with goods...

Section 440.2723 - Evidence of Market Price; Time, Place, Surprise. - Sec. 2723. (1) If an action based on anticipatory repudiation...

Section 440.2724 - Evidence of Market Price; Market Quotations, Admissibility. - Sec. 2724. Whenever the prevailing price or value of any...

Section 440.2725 - Statute of Limitations in Contracts for Sale; Contractual Reduction. - Sec. 2725. (1) An action for breach of any contract...

Article 2A - Leases (440.2801...440.2982)

174-1962-2A-1 - Part 1 General Provisions (440.2801...440.2810)

Section 440.2801 - Short Title. - Sec. 2A101. This article shall be known and may be...

Section 440.2802 - Applicability of Article. - Sec. 2A102. This article applies to any transaction, regardless of...

Section 440.2803 - Definitions; Sections; Principles of Construction and Interpretation. - Sec. 2A103. (1) In this article unless the context otherwise...

Section 440.2804 - Lease Requirements; Compliance With Applicable Statutes; Effect of Noncompliance With Applicable Statute. - Sec. 2A104. (1) A lease, although subject to this article,...

Section 440.2805 - Certificate of Title Statute; Compliance; Applicable Law. - Sec. 2A105. Subject to the provisions of sections 2A304(3) and...

Section 440.2806 - Choice of Law; Judicial Forum. - Sec. 2A106. (1) If the law chosen by the parties...

Section 440.2807 - Discharge of Claim or Right Without Consideration. - Sec. 2A107. A claim or right arising out of an...

Section 440.2808 - Unconscionable Contract, Clause, or Conduct. - Sec. 2A108. (1) If a court, as a matter of...

Section 440.2809 - Power to Accelerate Payment or Performance or Require Collateral; Good Faith. - Sec. 2A109. (1) A term providing that 1 party or...

Section 440.2810 - Motor Vehicle or Trailer; Transaction Creating Sale or Security Interest. - Sec. 2A110. With respect to a motor vehicle or trailer,...

174-1962-2A-2 - Part 2 Formation and Construction of Lease Contract (440.2851...440.2871)

Section 440.2851 - Lease Contract; Enforcement by Action or Defense; Conditions; Sufficiency of Description or Writing; Determination of Term. - Sec. 2A201. (1) A lease contract is not enforceable by...

Section 440.2852 - Final Written Expression; Parol or Extrinsic Evidence. - Sec. 2A202. Terms with respect to which the confirmatory memoranda...

Section 440.2853 - Effect of Seal Affixed to Writing. - Sec. 2A203. The affixing of a seal to a writing...

Section 440.2854 - Lease Contract; Sufficiency to Show Agreement; Conduct; Open Terms. - Sec. 2A204. (1) A lease contract may be made in...

Section 440.2855 - Firm Offer; Assurances to Hold Offer Open. - Sec. 2A205. An offer by a merchant to lease goods...

Section 440.2856 - Offer to Make Lease Contract; Manner of Acceptance; Lapse. - Sec. 2A206. (1) Unless otherwise unambiguously indicated by the language...

Section 440.2857 - Repealed. 2012, Act 86, Eff. July 1, 2013. - Compiler's Notes: The repealed section pertained to course of performance...

Section 440.2858 - Lease Agreement; Modification or Rescission; Waiver; Retraction. - Sec. 2A208. (1) An agreement modifying a lease contract needs...

Section 440.2859 - Supply Contract; Extension of Benefits of Supplier Promises and of Warranties to Lessee; Limitations; Effect of Modification or Rescission; Retention of Rights. - Sec. 2A209. (1) The benefit of a supplier's promises to...

Section 440.2860 - Express Warranties; Creation. - Sec. 2A210. (1) Express warranties by the lessor are created...

Section 440.2861 - Warranty Against Claim or Interest in Goods; Claim by Way of Infringement; Specifications Furnished by Lessee. - Sec. 2A211. (1) There is in a lease contract a...

Section 440.2862 - Implied Warranty of Merchantability; Other Implied Warranties. - Sec. 2A212. (1) Except in a finance lease, a warranty...

Section 440.2863 - Implied Warranty of Fitness for a Particular Purpose. - Sec. 2A213. Except in a finance lease, if the lessor...

Section 440.2864 - Limiting, Negating, Excluding, or Modifying Warranties; Construction of Words or Conduct. - Sec. 2A214. (1) Words or conduct relevant to the creation...

Section 440.2865 - Inconsistent Warranties; Intent; Rules of Construction. - Sec. 2A215. Warranties, whether express or implied, must be construed...

Section 440.2866 - Warranty; Extension to Persons in Family, Household, or to Guest; Exclusion, Modification, or Limitation. - Sec. 2A216. A warranty to or for the benefit of...

Section 440.2867 - Lease Contract; Identification of Goods; Absence of Explicit Agreement. - Sec. 2A217. Identification of goods as goods to which a...

Section 440.2868 - Lease Contract; Insurable Interest in Goods. - Sec. 2A218. (1) A lessee obtains an insurable interest when...

Section 440.2869 - Risk of Loss; Passage to Lessee. - Sec. 2A219. (1) Except in the case of a finance...

Section 440.2870 - Risk of Loss; Repudiation; Default. - Sec. 2A220. (1) Where risk of loss is to pass...

Section 440.2871 - Casualty to Identified Goods Before Delivery or Risk of Loss Passes. - Sec. 2A221. If a lease contract requires goods identified when...

174-1962-2A-3 - Part 3 Effect of Lease Contract (440.2901...440.2911)

Section 440.2901 - Lease Contract; Enforcement. - Sec. 2A301. Except as otherwise provided in this article, a...

Section 440.2902 - Applicability of Article; Title or Possession. - Sec. 2A302. Except as otherwise provided in this article, each...

Section 440.2903 - Security Interest; Creation; Transfer; Limitations; Rights and Remedies; Delegation of Duties or Performance; Liability; Prohibition. - Sec. 2A303. (1) As used in this section, "creation of...

Section 440.2904 - Transfer From Lessor to Subsequent Lessee; Power; Obtaining Rights in Ordinary Course of Business; Entrustment; Certificate of Title. - Sec. 2A304. (1) Subject to section 2A303, a subsequent lessee...

Section 440.2905 - Transfer From Lessee to Buyer or Sublessee; Power; Rights; Buyer in Ordinary Course of Business; Entrustment; Certificate of Title. - Sec. 2A305. (1) Subject to section 2A303, a buyer or...

Section 440.2906 - Materials or Services Provided With Respect to Goods Subject to Lease Contract; Lien; Priority; Exception. - Sec. 2A306. If a person in the ordinary course of...

Section 440.2907 - Creditor of Lessee; Rights; Taking Leasehold Interest Subject to Security Interest. - Sec. 2A307. (1) Except as otherwise provided in section 2A306,...

Section 440.2908 - Creditor of Lessor or Seller; Lease or Sale Contract Treated as Void; Fraudulent Retention or Possession of Goods; Security for Preexisting Claim. - Sec. 2A308. (1) A creditor of a lessor in possession...

Section 440.2909 - Definitions; Lease of Fixtures; Priority of Security Interests; Right to Remove Goods; Reimbursement; Perfection by Filing Financing Statement as Fixture Filing. - Sec. 2A309. (1) As used in this section: (a) "Goods"...

Section 440.2910 - Goods as Accessions; Priority of Interests; Right to Remove Goods; Reimbursement. - Sec. 2A310. (1) Goods are accessions when they are installed...

Section 440.2911 - Subordination by Agreement. - Sec. 2A311. Nothing in this article prevents subordination by agreement...

174-1962-2A-4 - Part 4 Performance of Lease Contract: Repudiated, Substituted, and Excused (440.2931...440.2937)

Section 440.2931 - Lease Contract; Demanding Adequate Assurance of Due Performance; Repudiation; Determination of Adequacy; Acceptance of Nonconforming Delivery or Payment. - Sec. 2A401. (1) A lease contract imposes an obligation on...

Section 440.2932 - Repudiation of Lease Contract. - Sec. 2A402. If either party repudiates a lease contract with...

Section 440.2933 - Retraction of Repudiation. - Sec. 2A403. (1) Until the repudiating party's next performance is...

Section 440.2934 - Substituted Performance; Tender and Acceptance; Failure of Payment Due to Government Regulation. - Sec. 2A404. (1) If without fault of the lessee, the...

Section 440.2935 - Substituted Performance; Delay or Nondelivery; Allocating Production and Deliveries; Notification. - Sec. 2A405. Subject to section 2A404 on substituted performance, the...

Section 440.2936 - Notification by Lessor of Delay or Allocation; Rights of Lessee; Lapse of Lease Contract. - Sec. 2A406. (1) If the lessee receives notification of a...

Section 440.2937 - Finance Lease Other Than Consumer Lease; Effect of Lessee's Promises; Acceptance of Goods by Lessee; Enforcement; Validity. - Sec. 2A407. (1) In the case of a finance lease...

174-1962-2A-5 - Part 5 Default (440.2951...440.2982)

Section 440.2951 - Default; Rights and Remedies; Self-Help; Enforcement Covering Real Property and Goods. - Sec. 2A501. (1) Whether the lessor or the lessee is...

Section 440.2952 - Notice of Default or Enforcement. - Sec. 2A502. Except as otherwise provided in this article or...

Section 440.2953 - Default; Rights and Remedies Provided in Lease Agreement; Optional Remedies; Liquidation, Limitation, Alteration or Exclusion of Consequential Damages; Collateral or Ancillary Obligations and Promises. - Sec. 2A503. (1) Except as otherwise provided in this article,...

Section 440.2954 - Liquidation of Damages; Reasonableness; Restitution; Setoff. - Sec. 2A504. (1) Damages payable by either party for default,...

Section 440.2955 - Cancellation or Termination of Lease Contract; Discharge of Executory Obligations; Material Misrepresentation or Fraud; Rescission, Rejection, or Return of Goods as Bar to Rights or Remedies. - Sec. 2A505. (1) On cancellation of the lease contract, all...

Section 440.2956 - Default; Commencement and Accrual of Action; Effect of Termination; Applicability of Section to Tolling of Statute of Limitations or Causes of Action Accrued Before Effective Date of Article. - Sec. 2A506. (1) An action for default under a lease...

Section 440.2957 - Damages Based on Market Rent. - Sec. 2A507. (1) Damages based on market rent (section 2A519...

Section 440.2958 - Default by Lessor; Rights and Remedies; Breach of Warranty; Security Interest for Rent, Security, and Expenses; Deduction of Damages From Rent Due. - Sec. 2A508. (1) If a lessor fails to deliver the...

Section 440.2959 - Failure of Goods or Tender or Delivery to Conform to Lease Contract; Rights of Lessee; Effectiveness of Rejection of Goods. - Sec. 2A509. (1) Subject to the provisions of section 2A510...

Section 440.2960 - Installment Lease Contract; Rejecting Nonconforming Delivery; Conditions Requiring Acceptance; Reinstatement of Lease Contract. - Sec. 2A510. (1) Under an installment lease contract a lessee...

Section 440.2961 - Rejection of Goods in Merchant Lessee's Possession or Control; Duties of Merchant Lessee; Right to Reimbursement; Good Faith Conduct; Purchaser in Good Faith. - Sec. 2A511. (1) Subject to any security interest of a...

Section 440.2962 - Rejection of Goods in Lessee's Possession; Rights and Obligations of Lessee. - Sec. 2A512. (1) Except as otherwise provided with respect to...

Section 440.2963 - Rejection of Goods Before Expiration of Time for Performance; Rights of Lessor or Supplier. - Sec. 2A513. (1) If any tender or delivery by the...

Section 440.2964 - Rejection of Goods; Failure of Lessee to State Particular Defect or Reserve Rights When Paying Consideration Against Documents; Effect. - Sec. 2A514. (1) In rejecting goods, a lessee's failure to...

Section 440.2965 - Acceptance of Goods; Opportunity to Inspect; Conduct; Accepting Part of Unit. - Sec. 2A515. (1) Acceptance of goods occurs after the lessee...

Section 440.2966 - Acceptance of Goods; Rent; Revocation Prohibited; Exception; Acceptance of Tender; Effect of Suit Against Lessee for Breach of Warranty or Other Obligation; Infringement. - Sec. 2A516. (1) A lessee must pay rent for any...

Section 440.2967 - Revoking Acceptance of Nonconforming Lot or Commercial Unit; Conditions; Notification; Rights and Duties of Lessee. - Sec. 2A517. (1) A lessee may revoke acceptance of a...

Section 440.2968 - Default by Lessor; Cover; Damages. - Sec. 2A518. (1) After default by a lessor under the...

Section 440.2969 - Nondelivery or Repudiation by Lessor; Rejection or Revocation of Acceptance by Lessee; Damages; Measure of Damages for Market Rent, Nonconforming Tender or Delivery, or Breach of Warranty. - Sec. 2A519. (1) Except as otherwise provided with respect to...

Section 440.2970 - Default by Lessor; Incidental and Consequential Damages. - Sec. 2A520. (1) Incidental damages resulting from a lessor's default...

Section 440.2971 - Specific Performance. - Sec. 2A521. (1) Specific performance may be decreed if the...

Section 440.2972 - Insolvency of Lessor; Recovery of Conforming Goods After Receipt of First Installment of Rent and Security. - Sec. 2A522. (1) Subject to subsection (2) and even though...

Section 440.2973 - Wrongful Rejection or Revocation; Failure to Make Payment; Repudiation; Default; Rights of Lessor; Damages; Cancellation of Lease. - Sec. 2A523. (1) If a lessee wrongfully rejects or revokes...

Section 440.2974 - Additional Rights of Lessor Aggrieved Under MCL 440.2973(1). - Sec. 2A524. (1) A lessor aggrieved under section 2A523(1) may...

Section 440.2975 - Insolvency of Lessee; Refusal to Deliver Goods; Possession, Availability, or Disposition of Goods; Proceeding Without Judicial Process. - Sec. 2A525. (1) If a lessor discovers the lessee to...

Section 440.2976 - Insolvency of Lessee; Stopping Delivery of Goods in Possession of Bailee; Conditions; Notification; Liability for Charges or Damages; Obligation of Carrier. - Sec. 2A526. (1) A lessor may stop delivery of goods...

Section 440.2977 - Default; Disposition of Goods; Damages Based on New Lease Agreement; Rights of Subsequent Good Faith Buyer or Lessee; Accounting for Profit. - Sec. 2A527. (1) After a default by a lessee under...

Section 440.2978 - Retention or Disposition of Goods by Lessor; Damages. - Sec. 2A528. (1) Except as otherwise provided with respect to...

Section 440.2979 - Default by Lessee; Damages; Holding Identified Goods for Remaining Lease Term; Disposition of Goods by Lessor; Use and Possession of Goods by Lessee; Rent. - Sec. 2A529. (1) After default by the lessee under the...

Section 440.2980 - Incidental Damages. - Sec. 2A530. Incidental damages to an aggrieved lessor include any...

Section 440.2981 - Third Party Causing Injury. - Sec. 2A531. (1) If a third party so deals with...

Section 440.2982 - Additional Damages. - Sec. 2A532. In addition to any other recovery permitted by...

Article 3 - Negotiable Instruments (440.3101...440.3805)

174-1962-3-1 - Part 1 General Provisions and Definitions (440.3101...440.3122)

Section 440.3101 - Short Title; Article. - Sec. 3101. This article shall be known and may be...

Section 440.3102 - Scope; Limitations; Conflict of Laws. - Sec. 3102. (1) This article applies to negotiable instruments. It...

Section 440.3103 - Definitions; Principles of Construction. - Sec. 3103. (1) As used in this article: (a) "Acceptor"...

Section 440.3104 - Additional Definitions. - Sec. 3104. (1) Except as provided in subsections (3) and...

Section 440.3105 - “Issue” and “Issuer” Defined; Effect of Unissued or Conditionally Issued Instrument. - Sec. 3105. (1) "Issue" means the first delivery of an...

Section 440.3106 - Unconditional Status of Promise or Order. - Sec. 3106. (1) Except as provided in this section, for...

Section 440.3107 - Payment in Foreign Money. - Sec. 3107. Unless the instrument otherwise provides, an instrument that...

Section 440.3108 - Instrument Payable on Demand, at Definite Time, or at Fixed Date. - Sec. 3108. (1) A promise or order is "payable on...

Section 440.3109 - Promise or Order; Payable on Demand; Payable at Definite Time; Instrument Payable at Fixed Date. - Sec. 3109. (1) A promise or order is payable to...

Section 440.3110 - Determination of Person Payable; Intent; Signature by Automated Means; Determining Holder; Instrument Payable to 2 or More Persons. - Sec. 3110. (1) The person to whom an instrument is...

Section 440.3111 - Place of Payment. - Sec. 3111. Except as otherwise provided for items in article...

Section 440.3112 - Interest. - Sec. 3112. (1) Unless otherwise provided in the instrument: (a)...

Section 440.3113 - Instrument Antedated, Postdated, or Undated. - Sec. 3113. (1) An instrument may be antedated or postdated....

Section 440.3114 - Instrument; Contradictory Terms. - Sec. 3114. If an instrument contains contradictory terms, typewritten terms...

Section 440.3115 - Incomplete Instrument; Definition; Enforcement; Alteration; Burden. - Sec. 3115. (1) "Incomplete instrument" means a signed writing, whether...

Section 440.3116 - Joint and Several Liability. - Sec. 3116. (1) Except as otherwise provided in the instrument,...

Section 440.3117 - Obligation Modified, Supplemented, or Nullified by Separate Agreement. - Sec. 3117. Subject to applicable law regarding exclusion of proof...

Section 440.3118 - Action to Enforce Obligation; Commencement; Time Period; Other Actions. - Sec. 3118. (1) Except as provided in subsection (5), an...

Section 440.3119 - Notice of Litigation to Answerable Third Party. - Sec. 3119. In an action for breach of an obligation...

Section 440.3120-440.3122 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993. - Compiler's Notes: The repealed sections pertained to instruments payable through...

174-1962-3-2 - Part 2 Negotiation, Transfer, and Endorsement (440.3201...440.3208)

Section 440.3201 - Negotiation; Definition; Transfer of Possession. - Sec. 3201. (1) "Negotiation" means a transfer of possession, whether...

Section 440.3202 - Negotiation; Effective Although Subject to Rescission or Other Remedies. - Sec. 3202. (1) Negotiation is effective even if obtained (i)...

Section 440.3203 - Transfer of Instrument; Delivery; Rights of Transferee; Effect of Transfer of Less Than Entire Instrument. - Sec. 3203. (1) An instrument is transferred when it is...

Section 440.3204 - “Endorsement” and “Endorser” Defined; Transfer of Security Interest Effective as Unqualified Endorsement; Instrument Payable to Name Other Than Holder. - Sec. 3204. (1) "Endorsement" means a signature, other than that...

Section 440.3205 - Special Endorsement; Blank Endorsement; Conversion; “Anomalous Endorsement” Defined. - Sec. 3205. (1) If an endorsement is made by the...

Section 440.3206 - Endorsement; Limitation; Condition; Words Indicating Collection by Bank; Endorsee as Agent, Trustee, or Other Fiduciary; Purchaser as Holder in Due Course; Exception; Defense. - Sec. 3206. (1) An endorsement limiting payment to a particular...

Section 440.3207 - Instrument; Reacquisition. - Sec. 3207. Reacquisition of an instrument occurs if it is...

Section 440.3208 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993. - Compiler's Notes: The repealed section pertained to reacquisition of instruments.

174-1962-3-3 - Part 3 Enforcement of Instruments (440.3301...440.3312)

Section 440.3301 - Instrument; Person Entitled to Enforce. - Sec. 3301. "Person entitled to enforce" an instrument means (i)...

Section 440.3302 - Holder in Due Course; Notice of Discharge as Effective Against Holder; Rights of Holder; Time and Manner of Notice; Section Subject to Law Limiting Status. - Sec. 3302. (1) Subject to subsection (3) and section 3106(4),...

Section 440.3303 - Instrument Issued or Transferred for Value; Consideration. - Sec. 3303. (1) An instrument is issued or transferred for...

Section 440.3304 - Instruments Payable on Demand or Payable at Definite Time as Overdue; Conditions. - Sec. 3304. (1) An instrument payable on demand becomes overdue...

Section 440.3305 - Right to Enforce Obligation; Defenses or Claims Available; Statement; Section Subject to Other Law. - Sec. 3305. (1) Except as otherwise provided in this section,...

Section 440.3306 - Instrument; Person Subject to Claim of Property or Possessory Right. - Sec. 3306. A person taking an instrument, other than a...

Section 440.3307 - Fiduciary Duty; Breach. - Sec. 3307. (1) As used in this section: (a) "Fiduciary"...

Section 440.3308 - Establishing Validity of Signature; Burden; Right to Payment Subject to Defense or Claim in Recoupment; Holder in Due Course Not Subject to Defense or Claim. - Sec. 3308. (1) In an action with respect to an...

Section 440.3309 - Enforcement of Instrument in Which Loss of Possession Occurred. - Sec. 3309. (1) A person not in possession of an...

Section 440.3310 - Certified Check, Cashier's Check, or Teller's Check; Discharge; Note or Uncertified Check; Suspension of Obligation; Other Instruments. - Sec. 3310. (1) Unless otherwise agreed, if a certified check,...

Section 440.3311 - Discharge; Tender as Full Satisfaction of Claim. - Sec. 3311. (1) If a person against whom a claim...

Section 440.3312 - Definitions; Asserting Claim to Amount of Check by Communication to Obligated Bank; Delivery of Declaration of Loss; Claim Asserted in Compliance With Subsection (2); Duties of Claimant if Presentment by Holder in Due Course; Right... - Sec. 3312. (1) As used in this section: (a) "Check"...

174-1962-3-4 - Part 4 Liability of Parties (440.3401...440.3420)

Section 440.3401 - Liability; Signature. - Sec. 3401. (1) A person is not liable on an...

Section 440.3402 - Liability of Parties; Signature by Authorized Representative. - Sec. 3402. (1) If a person acting, or purporting to...

Section 440.3403 - Unauthorized Signature; Effect. - Sec. 3403. (1) Unless otherwise provided in this article or...

Section 440.3404 - Imposter; Inducing Issuance of Instrument; Endorsement in Name of Payee; Failure to Exercise Ordinary Care. - Sec. 3404. (1) If an imposter, by use of the...

Section 440.3405 - Definitions; Fraudulent Endorsement by Employee or Person Acting in Concert With Employee. - Sec. 3405. (1) As used in this section: (a) "Employee"...

Section 440.3406 - Failure to Exercise Ordinary Care Contributing to Alteration or Forged Instrument; Allocation of Loss; Burden of Proof. - Sec. 3406. (1) A person whose failure to exercise ordinary...

Section 440.3407 - Alteration; Definition; Discharge of Party Affected; Enforcement of Rights. - Sec. 3407. (1) "Alteration" means (i) an unauthorized change in...

Section 440.3408 - Check or Draft; Operation as Assignment. - Sec. 3408. A check or other draft does not of...

Section 440.3409 - Acceptance of Draft; Definition; Operation; “Certified Check” Defined; Refusal to Certify. - Sec. 3409. (1) "Acceptance" means the drawee's signed agreement to...

Section 440.3410 - Acceptance Varying From Terms of Draft. - Sec. 3410. (1) If the terms of a drawee's acceptance...

Section 440.3411 - Obligated Bank; Definition; Refusal to Pay Check; Expenses or Damages Not Recoverable. - Sec. 3411. (1) As used in this section, "obligated bank"...

Section 440.3412 - Note, Cashier's Check, or Other Draft; Obligation of Issuer to Pay According to Terms. - Sec. 3412. The issuer of a note or cashier's check...

Section 440.3413 - Draft; Obligation to Pay According to Terms; Amount. - Sec. 3413. (1) The acceptor of a draft is obliged...

Section 440.3414 - Applicability of Section; Unaccepted Draft; Dishonor; Payment According to Terms; Acceptance by Bank; Discharge of Drawer; Obligation of Drawer if Acceptor Not Bank and Draft Dishonored; Disclaimer of Liability; Suspension of Payme... - Sec. 3414. (1) This section does not apply to cashier's...

Section 440.3415 - Dishonored Instrument; Obligation and Liability of Endorser. - Sec. 3415. (1) Subject to subsections (2), (3), (4), and...

Section 440.3416 - Transfer of Instrument for Consideration; Endorsement; Warranties. - Sec. 3416. (1) A person who transfers an instrument for...

Section 440.3417 - Presentment of Unaccepted or Dishonored Draft; Rights of Parties. - Sec. 3417. (1) If an unaccepted draft is presented to...

Section 440.3418 - Payment or Acceptance by Mistake. - Sec. 3418. (1) Except as provided in subsection (3), if...

Section 440.3419 - Accommodation Parties. - Sec. 3419. (1) If an instrument is issued for value...

Section 440.3420 - Conversion. - Sec. 3420. (1) The law applicable to conversion of personal...

174-1962-3-5 - Part 5 Dishonor (440.3501...440.3511)

Section 440.3501 - Presentment; Definition; Manner; Rights of Party to Whom Presentment Is Made. - Sec. 3501. (1) "Presentment" means a demand made by or...

Section 440.3502 - Notes and Drafts; Dishonor. - Sec. 3502. (1) Dishonor of a note is governed by...

Section 440.3503 - Notice of Dishonor; Manner; Sufficiency; Time Periods. - Sec. 3503. (1) The obligation of an endorser stated in...

Section 440.3504 - Presentment, Notice of Dishonor, or Delay in Giving Notice of Dishonor; Conditions for Excuse. - Sec. 3504. (1) Presentment for payment or acceptance of an...

Section 440.3505 - Admissible Evidence Creating Presumption of Dishonor; Protest. - Sec. 3505. (1) The following are admissible as evidence and...

Section 440.3506-440.3511 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993. - Compiler's Notes: The repealed sections pertained to presentment, dishonor, notice...

174-1962-3-6 - Part 6 Discharge and Payment (440.3601...440.3606)

Section 440.3601 - Discharge; Effect Against Holder in Due Course. - Sec. 3601. (1) The obligation of a party to pay...

Section 440.3602 - Discharge; Payment; "Signed" Defined. - Sec. 3602. (1) Subject to subsection (5), an instrument is...

Section 440.3603 - Tender of Payment; Effect; Refusal of Tender as Discharge; Interest; Obligor Ready and Able to Pay on Due Date. - Sec. 3603. (1) If tender of payment of an obligation...

Section 440.3604 - Discharge by Intentional Voluntary Act; Canceling or Striking Out Endorsement; "Signed" Defined. - Sec. 3604. (1) A person entitled to enforce an instrument,...

Section 440.3605 - Secondary Obligor; Rights and Duties; Agreement to Modification or to Extend Time When Payments Are Due; Obligation Secured by Interest in Collateral; Discharge; Impairing Value of Interest in Collateral; Knowledge of Accommodation... - Sec. 3605. (1) If a person entitled to enforce an...

Section 440.3606 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993. - Compiler's Notes: The repealed section pertained to discharge, impairment of...

174-1962-3-7 - Part 7 Advice of International Sight Draft (440.3701...440.3701)

Section 440.3701 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993. - Compiler's Notes: The repealed section pertained to international sight draft...

174-1962-3-8 - Part 8 Miscellaneous (440.3801...440.3805)

Section 440.3801-440.3805 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993. - Compiler's Notes: The repealed sections pertained to negotiation, endorsement, acceptance,...

Article 4 - Bank Deposits and Collections (440.4101...440.4504)

174-1962-4-1 - Part 1 General Provisions and Definitions (440.4101...440.4111)

Section 440.4101 - Uniform Commercial Code—bank Deposits and Collections; Short Title. - Sec. 4101. This article shall be known and may be...

Section 440.4102 - Conflict of Laws; Provisions Applicable. - Sec. 4102. (1) To the extent that items within this...

Section 440.4103 - Variation by Agreement; Measure of Damages; Action Constituting Ordinary Care. - Sec. 4103. (1) The effect of the provisions of this...

Section 440.4104 - Definitions Used in Article. - Sec. 4104. (1) As used in this article unless the...

Section 440.4105 - Additional Definitions. - Sec. 4105. As used in this article unless the context...

Section 440.4106 - “Payable Through” and “Payable At” Explained; Bank as Collecting Bank. - Sec. 4106. (1) If an item states that it is...

Section 440.4107 - Bank Branch or Separate Office as Separate Bank. - Sec. 4107. A branch or separate office of a bank...

Section 440.4108 - Time of Receipt of Items. - Sec. 4108. (1) For the purpose of allowing time to...

Section 440.4109 - Collecting Bank; Waiving, Modifying, or Extending Time Limits; Excuse for Delay. - Sec. 4109. (1) Unless otherwise instructed, a collecting bank in...

Section 440.4110 - “Agreement for Electronic Presentment” Defined; Presentment Notice. - Sec. 4110. (1) "Agreement for electronic presentment" means an agreement,...

Section 440.4111 - Commencement of Action Under Article; Time Period. - Sec. 4111. An action to enforce an obligation, duty, or...

174-1962-4-2 - Part 2 Collection of Items: Depositary and Collecting Banks (440.4201...440.4216)

Section 440.4201 - Agency Status of Banks; Provisional Status of Credits; Applicability of Article; Endorsement With Pay Any Bank. - Sec. 4201. (1) Unless a contrary intent clearly appears and...

Section 440.4202 - Collecting Bank; Duties; Exercising Ordinary Care; Liability. - Sec. 4202. (1) A collecting bank must exercise ordinary care...

Section 440.4203 - Collecting Bank; Instructions From Transferor. - Sec. 4203. Subject to article 3 concerning conversion of instruments...

Section 440.4204 - Collecting Bank; Methods of Sending Items; Presentment. - Sec. 4204. (1) A collecting bank shall send items by...

Section 440.4205 - Depositary Bank; Item Delivered by Customer for Collection. - Sec. 4205. If a customer delivers an item to a...

Section 440.4206 - Transfer Between Banks. - Sec. 4206. Any agreed method which identifies the transferor bank...

Section 440.4207 - Warranties of Customer and Collecting Bank on Transfer of Items; Accrual of Cause of Action. - Sec. 4207. (1) A customer or collecting bank that transfers...

Section 440.4208 - Presentment of Unaccepted or Dishonored Draft; Warranties of Person Obtaining Payment and Prior Transferor; Discharge; Accrual of Cause of Action. - Sec. 4208. (1) If an unaccepted draft is presented to...

Section 440.4209 - Electronic Presentment; Encoding of Information and Retaining Items; Warranties; Recovery of Damages, Expenses, and Loss of Interest. - Sec. 4209. (1) A person who encodes information on or...

Section 440.4210 - Security Interest of Collecting Bank in Items, Accompanying Documents, or Proceeds. - Sec. 4210. (1) A collecting bank has a security interest...

Section 440.4211 - Bank With Security Interest as Holder in Due Course. - Sec. 4211. For purposes of determining its status as a...

Section 440.4212 - Presentment by Notice of Item Not Payable By, Through, or at a Bank; Treating Item as Dishonored. - Sec. 4212. (1) Unless otherwise instructed, a collecting bank may...

Section 440.4213 - Settlement; Medium and Time. - Sec. 4213. (1) With respect to settlement by a bank,...

Section 440.4214 - Right to Charge-Back or Refund. - Sec. 4214. (1) If a collecting bank has made provisional...

Section 440.4215 - Final Payment of Items by Payor Bank; Final Credit; Availability of Credit for Withdrawal. - Sec. 4215. (1) An item is finally paid by a...

Section 440.4216 - Payor or Collecting Bank; Suspension of Payments. - Sec. 4216. (1) If an item is in or comes...

174-1962-4-3 - Part 3 Collection of Items: Payor Banks (440.4301...440.4303)

Section 440.4301 - Demand Items; Recovery of Settlement; Time of Dishonor; Return of Items. - Sec. 4301. (1) If a payor bank settles for a...

Section 440.4302 - Payor Bank; Accountability Upon Presentment and Receipt of Item; Defenses. - Sec. 4302. (1) If an item is presented on and...

Section 440.4303 - Payor Bank; Items Subject to Knowledge Notice, Stop-Payment Order, Legal Process, or Setoff; Order in Which Times May Be Handled. - Sec. 4303. (1) Any knowledge, notice, or stop-payment order received...

174-1962-4-4 - Part 4 Relationship Between Payor Bank and Its Customer (440.4401...440.4407)

Section 440.4401 - Payor Bank; Charge Against Customer's Account. - Sec. 4401. (1) A bank may charge against the account...

Section 440.4402 - Payor Bank; Wrongful Dishonor; Liability to Customer; Determination of Account Balance. - Sec. 4402. (1) Except as otherwise provided in this article,...

Section 440.4403 - Customer's Right to Stop Payment; Lapse and Renewal; Burden of Proof of Loss. - Sec. 4403. (1) A customer or any person authorized to...

Section 440.4404 - Payment of Checks More Than 6 Months Old. - Sec. 4404. A bank is under no obligation to a...

Section 440.4405 - Death or Incompetence of Customer. - Sec. 4405. (1) A payor or collecting bank's authority to...

Section 440.4406 - Statement of Account; Identification of Items Paid; Retention of Items or Copies; Customer's Duty to Discover and Report Unauthorized Signature or Alteration; Failure to Comply With Subsection (3); Failure of Bank to Exercise Ordin... - Sec. 4406. (1) A bank that sends or makes available...

Section 440.4407 - Improper Payment; Subrogation of Payor Bank. - Sec. 4407. If a payor bank has paid an item...

174-1962-4-5 - Part 5 Collection of Documentary Drafts (440.4501...440.4504)

Section 440.4501 - Documentary Draft; Presentment, Notice of Dishonor. - Sec. 4501. A bank which takes a documentary draft for...

Section 440.4502 - Documentary Draft; Presentment on Arrival of Goods, Refusal for Non-Arrival; Notice to Transferor. - Sec. 4502. When a draft or the relevant instructions require...

Section 440.4503 - Documentary Draft; Responsibility of Presenting Bank for Documents and Goods; Report of Reasons for Dishonor; Referees; Expenses. - Sec. 4503. Unless otherwise instructed and except as provided in...

Section 440.4504 - Documentary Draft; Presenting Bank's Right to Deal With Goods; Lien for Expenses. - Sec. 4504. (1) A presenting bank which, following the dishonor...

Article 4A - Funds Transfers (440.4601...440.4957)

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...

Article 5 - Letters of Credit (440.5101...440.5118)

Section 440.5101 - Uniform Commercial Code—letters of Credit; Short Title of Article. - Sec. 5101. This article may be cited as uniform commercial...

Section 440.5102 - Definitions. - Sec. 5102. (1) As used in this article: (a) "Adviser"...

Section 440.5103 - Letters of Credit; Scope of Article. - Sec. 5103. (1) This article applies to letters of credit...

Section 440.5104 - Issuance; Authentication. - Sec. 5104. A letter of credit, confirmation, advice, transfer, amendment,...

Section 440.5105 - Consideration. - Sec. 5105. Consideration is not required to issue, amend, transfer,...

Section 440.5106 - Credit; Issuance; Enforcement; Revocation; Expiration. - Sec. 5106. (1) A letter of credit is issued and...

Section 440.5107 - Confirmation; Rights and Obligations; Request to Advise; Notice to Transferee Beneficiary. - Sec. 5107. (1) A confirmer is directly obligated on a...

Section 440.5108 - Honoring or Dishonoring Presentation. - Sec. 5108. (1) Except as otherwise provided in section 5109,...

Section 440.5109 - Forged or Fraudulent Document; Injunction; Findings of Court. - Sec. 5109. (1) If a presentation is made that appears...

Section 440.5110 - Warranties on Presentment or Transfer. - Sec. 5110. (1) If presentation is honored, the beneficiary warrants:...

Section 440.5111 - Wrongful Dishonor, Repudiation, or Breach; Rights of Claimant or Applicant; Liability of Issuer, Nominated Person, or Adviser; Attorney Fees; Liquidated Damages. - Sec. 5111. (1) If an issuer wrongfully dishonors or repudiates...

Section 440.5112 - Right to Draw or Demand Performance Under Letter of Credit; Transfer. - Sec. 5112. (1) Except as otherwise provided in section 5113,...

Section 440.5113 - Rights of Successor Beneficiary. - Sec. 5113. (1) A successor of a beneficiary may consent...

Section 440.5114 - Proceeds of Letter of Credit. - Sec. 5114. (1) In this section, "proceeds of a letter...

Section 440.5115 - Commencement of Action. - Sec. 5115. An action to enforce a right or obligation...

Section 440.5116 - Jurisdiction; Forum. - Sec. 5116. (1) The liability of an issuer, nominated person,...

Section 440.5117 - Rights of Subrogation. - Sec. 5117. (1) An issuer that honors a beneficiary's presentation...

Section 440.5118 - Document Presented Under Letter of Credit; Security Interest of Issuer or Nominated Person. - Sec. 5118. (1) An issuer or nominated person has a...

Article 6 - Bulk Transfers (440.6101...440.6111)

Section 440.6101-440.6111 - Repealed. 1998, Act 489, Imd. Eff. Jan. 4, 1999. - Compiler's Notes: Enacting section 2 of Act 489 of 1998...

Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)

174-1962-7-1 - Part 1 General (440.7101...440.7106)

Section 440.7101 - Uniform Commercial Code—documents of Title; Short Title of Article. - Sec. 7101. This article shall be known and may be...

Section 440.7102 - Uniform Commercial Code; Documents of Title; Definitions. - Sec. 7102. (1) As used in this article, unless the...

Section 440.7103 - Article Subject to Governmental Treaty, Statute, or Regulatory Statute; Electronic Signatures. - Sec. 7103. (1) This article is subject to any treaty...

Section 440.7104 - Negotiable and Nonnegotiable Warehouse Receipt, Bill of Lading, or Other Document of Title. - Sec. 7104. (1) Except as otherwise provided in subsection (3),...

Section 440.7105 - Tangible Document of Title as Substitute for Electronic Document; Electronic Document Title as Substitute for Tangible Document of Title; Conditions. - Sec. 7105. (1) Upon request of a person entitled under...

Section 440.7106 - Person Having Control of Electronic Document. - Sec. 7106. (1) A person has control of an electronic...

174-1962-7-2 - Part 2 Warehouse Receipts: Special Provisions (440.7201...440.7210)

Section 440.7201 - Warehouse Receipt; Issuance; Storage Under Government Bond. - Sec. 7201. (1) A warehouse receipt may be issued by...

Section 440.7202 - Terms of Receipt; Form; Contrary Provisions. - Sec. 7202. (1) A warehouse receipt need not be in...

Section 440.7203 - Liability for Nonreceipt or Misdescription. - Sec. 7203. A party to or purchaser for value in...

Section 440.7204 - Duty of Care; Contractual Limitation of Warehouse Liability; Provisions as to Time and Manner of Presenting Claims and Commencing Actions. - Sec. 7204. (1) A warehouse is liable for damages for...

Section 440.7205 - Fungible Goods; Buyer's Title. - Sec. 7205. A buyer in the ordinary course of business...

Section 440.7206 - Termination of Storage at Warehouse's Option; Removal or Sale; Notice; Delivery; Satisfaction of Lien. - Sec. 7206. (1) A warehouse, by giving notice to the...

Section 440.7207 - Separation of Goods; Commingling of Fungible Goods; Overissued Receipts. - Sec. 7207. (1) Unless the warehouse receipt provides otherwise, a...

Section 440.7208 - Alteration of Warehouse Receipts. - Sec. 7208. If a blank in a negotiable tangible warehouse...

Section 440.7209 - Warehouse's Lien; Security Interest; "Household Goods" Defined; Loss of Lien. - Sec. 7209. (1) A warehouse has a lien against the...

Section 440.7210 - Warehouse's Lien; Enforcement Procedure; Liability for Noncompliance. - Sec. 7210. (1) Except as otherwise provided in subsection (2),...

174-1962-7-3 - Part 3 Bills of Lading: Special Provisions (440.7301...440.7309)

Section 440.7301 - Negotiable Bill of Lading; Issuer's Liability for Misdating, Nonreceipt, or Misdescription; Goods Loaded by Issuer of Bill of Lading; Bulk; Statement of Shipper's Weight, Load, and Count; Guarantee; Liability. - Sec. 7301. (1) A consignee of a nonnegotiable bill of...

Section 440.7302 - Through Bill of Lading or Other Document of Title; Variance as to Overseas Undertaking; Obligations of Persons Other Than Issuer; Obligations of Persons to Issuer. - Sec. 7302. (1) The issuer of a through bill of...

Section 440.7303 - Diversion; Reconsignment; Change of Instructions. - Sec. 7303. (1) Unless the bill of lading otherwise provides,...

Section 440.7304 - Bills of Lading in Set of Parts. - Sec. 7304. (1) Except as customary in international transportation, a...

Section 440.7305 - Destination and Substitute Bills. - Sec. 7305. (1) Instead of issuing a bill of lading...

Section 440.7306 - Altered Bills of Lading. - Sec. 7306. An unauthorized alteration or filling in of a...

Section 440.7307 - Carrier's Lien. - Sec. 7307. (1) A carrier has a lien on the...

Section 440.7308 - Carrier's Lien; Enforcement; Procedure; Liability for Noncompliance. - Sec. 7308. (1) A carrier's lien on goods may be...

Section 440.7309 - Carrier's Duty of Care; Contractual Provisions as to Liability. - Sec. 7309. (1) A carrier that issues a bill of...

174-1962-7-4 - Part 4 Warehouse Receipts and Bills of Lading: General Obligations (440.7401...440.7404)

Section 440.7401 - Irregularities in Issue of Document of Title. - Sec. 7401. The obligations imposed by this article on an...

Section 440.7402 - Duplicate Document of Title; Overissue. - Sec. 7402. A duplicate or any other document of title...

Section 440.7403 - Delivery; Exceptions; Satisfaction of Bailee's Lien; Cancellation or Indication of Partial Delivery. - Sec. 7403. (1) A bailee shall deliver the goods to...

Section 440.7404 - Bailee's Delivery in Good Faith According to Document of Title. - Sec. 7404. A bailee that in good faith has received...

174-1962-7-5 - Part 5 Warehouse Receipts and Bills of Lading: Negotiation and Transfer (440.7501...440.7509)

Section 440.7501 - Negotiable Document of Title; Indorsement; Notice of Arrival. - Sec. 7501. (1) All of the following rules apply to...

Section 440.7502 - Negotiation; Rights Acquired. - Sec. 7502. (1) Subject to sections 7205 and 7503, a...

Section 440.7503 - Documents of Title to Goods; Defeat in Certain Cases. - Sec. 7503. (1) A document of title confers no right...

Section 440.7504 - Documents of Title; Transfer by Delivery in Absence of Due Negotiation; Effect; Defeat of Transfer Rights; Diversion or Change of Shipping Instructions; Stoppage of Delivery. - Sec. 7504. (1) A transferee of a document of title,...

Section 440.7505 - Documents of Title; Liability of Indorser. - Sec. 7505. The indorsement of a tangible document of title...

Section 440.7506 - Documents of Title; Delivery Without Indorsement; Right to Have Indorsement Supplied. - Sec. 7506. The transferee of a negotiable tangible document of...

Section 440.7507 - Documents of Title; Warranties on Negotiation or Delivery for Value. - Sec. 7507. If a person negotiates or delivers a document...

Section 440.7508 - Documents of Title; Warranties of Collecting Bank. - Sec. 7508. A collecting bank or other intermediary known to...

Section 440.7509 - Documents of Title; Adequacy as Contract for Sale, Lease, or Conditions of a Credit. - Sec. 7509. Whether a document of title is adequate to...

174-1962-7-6 - Part 6 Warehouse Receipts and Bills of Lading: Miscellaneous Provisions (440.7601...440.7603)

Section 440.7601 - Lost, Stolen, or Destroyed Documents of Title; Delivery of Goods or Issuance of Substitute Document; Indemnity. - Sec. 7601. (1) If a document of title is lost,...

Section 440.7602 - Judicial Process; Surrender of Document of Title; Purchaser for Value. - Sec. 7602. Unless a document of title was originally issued...

Section 440.7603 - Conflicting Claims; Interpleader. - Sec. 7603. If more than 1 person claims title to...

174-1962-7-7 - Part 7 Miscellaneous Provisions (440.7701...440.7702)

Section 440.7701 - Applicability of Amendatory Act. - Sec. 7701. (1) The amendatory act that added this section...

Section 440.7702 - Document of Title Issued or Bailment That Arises Before Effective Date of Amendatory Act. - Sec. 7702. A document of title issued or a bailment...

Article 8 - Investment Securities (440.8101...440.8601)

174-1962-8-1 - Part 1 Short Title and General Matters (440.8101...440.8116)

Section 440.8101 - Uniform Commercial Code—investment Securities; Cited As. - Sec. 8101. This article may be cited as uniform commercial...

Section 440.8102 - Definitions. - Sec. 8102. (1) As used in this article: (a) "Adverse...

Section 440.8103 - Share or Equity Interest as Security; "Investment Company Security" Defined; Interest in Partnership or Limited Liability Company as Security or Financial Asset; Writing; Option or Similar Obligation Issued by Clearing Corporation... - Sec. 8103. (1) A share or similar equity interest issued...

Section 440.8104 - Security or Interest in Security; Financial Asset; Security Entitlement; Acquisition; Placing Security or Financial Asset in Possession of Another Person. - Sec. 8104. (1) A person acquires a security or an...

Section 440.8105 - Notice of Adverse Claim. - Sec. 8105. (1) A person has notice of an adverse...

Section 440.8106 - Certificated Security in Bearer Form; Certificated Security in Registered Form; Uncertificated Security; Security Entitlement; Control; Agreement by Issuer or Securities Intermediary. - Sec. 8106. (1) A purchaser has "control" of a certificated...

Section 440.8107 - “Appropriate Person” Defined; Effectiveness of Indorsement, Instruction, or Entitlement Order. - Sec. 8107. (1) "Appropriate person" means 1 or more of...

Section 440.8108 - Warranty to Purchaser. - Sec. 8108. (1) A person who transfers a certificated security...

Section 440.8109 - Warranty to Securities Intermediary. - Sec. 8109. (1) A person who originates an entitlement order...

Section 440.8110 - Jurisdiction. - Sec. 8110. (1) The law of the issuer's jurisdiction, as...

Section 440.8111 - Rule Adopted by Clearing Corporation; Effect. - Sec. 8111. A rule adopted by a clearing corporation governing...

Section 440.8112 - Reaching Interest of Debtor. - Sec. 8112. (1) The interest of a debtor in a...

Section 440.8113 - Sale or Purchase of Security; Enforcement of Contract or Contract Modification. - Sec. 8113. A contract or modification of a contract for...

Section 440.8114 - Action on Certificated Security Against Issuer; Rules. - Sec. 8114. The following rules apply in an action on...

Section 440.8115 - Transferring or Dealing With Financial Asset; Liability of Securities Intermediary, Broker, or Agent. - Sec. 8115. A securities intermediary that has transferred a financial...

Section 440.8116 - Securities Intermediary as Purchaser for Value of Financial Asset; Acquisition of Security Entitlement for Value. - Sec. 8116. A securities intermediary that receives a financial asset...

174-1962-8-2 - Part 2 Issue—issuer (440.8201...440.8210)

Section 440.8201 - “Issuer” Defined. - Sec. 8201. (1) With respect to an obligation on or...

Section 440.8202 - Terms of Security; Effect of Defect Going to Validity of Security; Rules; Defenses; Right of Party to Cancel Contract. - Sec. 8202. (1) Even against a purchaser for value and...

Michigan Compiled Laws Chapter 440 - Uniform Commercial Code Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)

Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)