Sec. 3105.
(1) "Issue" means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person.
(2) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.
(3) "Issuer" applies to issued and unissued instruments and means a maker or drawer of an instrument.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1964, Act 250, Eff. Aug. 28, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
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.
Section 440.3102 - Scope; Limitations; Conflict of Laws.
Section 440.3103 - Definitions; Principles of Construction.
Section 440.3104 - Additional Definitions.
Section 440.3106 - Unconditional Status of Promise or Order.
Section 440.3107 - Payment in Foreign Money.
Section 440.3108 - Instrument Payable on Demand, at Definite Time, or at Fixed Date.
Section 440.3111 - Place of Payment.
Section 440.3113 - Instrument Antedated, Postdated, or Undated.
Section 440.3114 - Instrument; Contradictory Terms.
Section 440.3115 - Incomplete Instrument; Definition; Enforcement; Alteration; Burden.
Section 440.3116 - Joint and Several Liability.
Section 440.3117 - Obligation Modified, Supplemented, or Nullified by Separate Agreement.
Section 440.3118 - Action to Enforce Obligation; Commencement; Time Period; Other Actions.
Section 440.3119 - Notice of Litigation to Answerable Third Party.
Section 440.3120-440.3122 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993.