Sec. 4A503.
For proper cause and in compliance with applicable law, a court may restrain (i) a person from issuing a payment order to initiate a funds transfer, (ii) an originator's bank from executing the payment order of the originator, or (iii) the beneficiary's bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds. A court may not otherwise restrain a person from issuing a payment order, paying or receiving payment of a payment order, or otherwise acting with respect to a funds transfer.
History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 4A - Funds Transfers (440.4601...440.4957)
174-1962-4A-5 - Part 5 Miscellaneous Provisions (440.4951...440.4957)
Section 440.4952 - “Creditor Process” Defined and Explained.
Section 440.4953 - Powers of Court With Respect to Funds Transfer.
Section 440.4954 - Receiving Bank; Authority to Charge Sender's Account; Credits.
Section 440.4955 - Customer Objection to Payment; Notification Required.
Section 440.4956 - Receiving Bank; Determination of Interest Payable.
Section 440.4957 - Rights and Obligations of Parties; Application of Choice of Law.