MCL - Index of 174-1962-4A-2

NOTE: Dates reflect any modification to item, not necessarily a change in law.
Title Subject
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.