Sec. 8305.
(1) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly.
(2) Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by Section 8108 and not an obligation that the security will be honored by the issuer.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 8 - Investment Securities (440.8101...440.8601)
174-1962-8-3 - Part 3 Purchase (440.8301...440.8321)
Section 440.8301 - Delivery of Certificated or Uncertificated Security to Purchaser.
Section 440.8302 - Purchaser of Security; Rights Acquired.
Section 440.8303 - “Protected Purchaser” Defined.
Section 440.8304 - Indorsement.
Section 440.8306 - Warranties Generally.
Section 440.8308-440.8321 - Repealed. 1998, Act 278, Imd. Eff. July 27, 1998.