Sec. 3201.
(1) "Negotiation" means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder.
(2) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its endorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.
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)
174-1962-3-2 - Part 2 Negotiation, Transfer, and Endorsement (440.3201...440.3208)
Section 440.3201 - Negotiation; Definition; Transfer of Possession.
Section 440.3202 - Negotiation; Effective Although Subject to Rescission or Other Remedies.
Section 440.3207 - Instrument; Reacquisition.
Section 440.3208 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993.