MCL - Index of 174-1962-4A
NOTE: Dates reflect any modification to item, not necessarily a change in law.
| Title | Subject |
|---|---|
| 174-1962-4A | ARTICLE 4A FUNDS TRANSFERS (440.4601...440.4957) |
| 174-1962-4A-1 | PART 1 SUBJECT MATTERS AND DEFINITIONS (440.4601...440.4608) |
| Section 440.4601 | Short title. |
| Section 440.4602 | Applicability of article. |
| Section 440.4603 | Definitions; instruction as a separate payment order; issuance of payment order. |
| Section 440.4604 | Definitions. |
| Section 440.4605 | Definitions; sections where other definitions appear. |
| Section 440.4606 | Payment order or communication canceling or amending payment order; determining time of receipt. |
| Section 440.4607 | Regulations of federal reserve system as superseding article. |
| Section 440.4608 | Applicability of article to certain funds transfer; inconsistency; "electronic fund transfer act" defined. |
| 174-1962-4A-2 | PART 2 ISSUE AND ACCEPTANCE OF PAYMENT ORDER (440.4701...440.4712) |
| Section 440.4701 | “Security procedure” defined. |
| Section 440.4702 | Authorized payment order; verification by security procedure; determination of commercial reasonableness; “sender” defined; applicability of section to amendments and cancellations of payment orders; agreement to vary rights and obligations prohibited. |
| Section 440.4703 | Payment order effective pursuant to MCL 440.4702; application of rules; applicability of section to amendments of payment orders. |
| Section 440.4704 | Receiving bank; acceptance of unauthorized or nonenforceable payment; refund; interest; recovery; reasonable time fixed by agreement; agreement to vary obligation to refund payment prohibited. |
| Section 440.4705 | Erroneous payment order; duty and liability of sender upon notification from receiving bank; applicability of section to amendments to payment orders. |
| Section 440.4706 | Transmitting payment order to funds-transfer system or other third-party communication system; system as agent; effect of discrepancy; applicability of section. |
| Section 440.4707 | Payment order; identification of beneficiary; nonexistent or unidentifiable person or account; name and number identifying different persons; inconsistent identification by name and number; recovery of amount paid. |
| Section 440.4708 | Payment order; identification of intermediary or beneficiary bank; rules. |
| Section 440.4709 | Acceptance of payment order. |
| Section 440.4710 | Rejection of payment order. |
| Section 440.4711 | Communication by sender canceling or amending payment order; method of transmission; effectiveness; liability of sender for loss and expenses; revocation by death or legal incapacity; effectiveness of funds-transfer system rule. |
| Section 440.4712 | Receiving bank; failure to accept payment order; liability for breach of agreement to accept payment order. |
| 174-1962-4A-3 | PART 3 EXECUTION OF SENDER'S PAYMENT ORDER BY RECEIVING BANK (440.4801...440.4805) |
| Section 440.4801 | Execution of payment order; “execution date” defined. |
| Section 440.4802 | Receiving bank; acceptance of payment order pursuant to MCL 440.4709(1); obligations of bank to execute order; use of funds-transfer system; transmission by first-class mail or reasonable means; payment of charges for services and expenses. |
| Section 440.4803 | Receiving bank; payment of sender's order pursuant to MCL 440.4902(3); effect of erroneous payment order; applicability of subsection (2); obligation of sender to pay payment order; recovery by issuer from beneficiary. |
| Section 440.4804 | Notification from receiving bank of erroneously executed payment order; duties of sender; obligation to pay interest; recovery by bank prohibited. |
| Section 440.4805 | Receiving bank; payment delay; interest; liability to originator for expenses resulting from improper execution; recovery of damages; failure to execute pursuant to express agreement; attorney fees; liability of bank under subsections (1) and (2) not varied by agreement. |
| 174-1962-4A-4 | PART 4 PAYMENT (440.4901...440.4906) |
| Section 440.4901 | “Payment date” defined. |
| Section 440.4902 | Payment order issued to beneficiary or receiving bank subject to MCL 440.4705 and 440.4707; payment by sender; refund; right of sender executing payment order to receive or retain payment; right of sender to be excused from obligation to pay or receive refund not varied by agreement. |
| Section 440.4903 | Sender's obligation under MCL 440.4902 to pay receiving bank; payment requirements; final settlement; satisfaction of sender's payment obligation. |
| Section 440.4904 | Beneficiary bank; acceptance of payment order subject to MCL 440.4711(5), 440.4905(4), and 440.4905(5); payment due date; refusal of bank to pay after demand; recovery of damages; instruction to pay to beneficiary's account; notice; interest; attorney fees; rights of beneficiary pursuant to agreement or funds-transfer system rule. |
| Section 440.4905 | Beneficiary bank; crediting account of beneficiary of payment order; payment of bank obligations under MCL 440.4904(1); time of payment; condition to payment or agreement; provisional payments to beneficiary under funds-transfer system rule; refund; applicability of subsection (5) to certain funds transfer. |
| Section 440.4906 | Originator of funds transfer; conditions for payment to beneficiary; satisfaction and discharge of obligation; determination; rights varied by agreement. |
| 174-1962-4A-5 | PART 5 MISCELLANEOUS PROVISIONS (440.4951...440.4957) |
| Section 440.4951 | Rights and obligations of party to funds transfer varied by agreement of affected party; “funds-transfer system rule” defined. |
| 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. |