Sec. 3117.
Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement. To the extent an obligation is modified, supplemented, or nullified by an agreement under this section, the agreement is a defense to the obligation.
History: 1962, Act 174, Eff. Jan. 1, 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Section 440.3120-440.3122 - Repealed. 1993, Act 130, Eff.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.