MCL - 174-1962-4A-2
Act 174 of 1962
ISSUE AND ACCEPTANCE OF PAYMENT ORDER
| Document | Type | Description |
|---|---|---|
| Section 440.4701 | Section | “Security procedure” defined. |
| Section 440.4702 | Section | 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 | Section | Payment order effective pursuant to MCL 440.4702; application of rules; applicability of section to amendments of payment orders. |
| Section 440.4704 | Section | 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 | Section | Erroneous payment order; duty and liability of sender upon notification from receiving bank; applicability of section to amendments to payment orders. |
| Section 440.4706 | Section | 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 | Section | 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 | Section | Payment order; identification of intermediary or beneficiary bank; rules. |
| Section 440.4709 | Section | Acceptance of payment order. |
| Section 440.4710 | Section | Rejection of payment order. |
| Section 440.4711 | Section | 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 | Section | Receiving bank; failure to accept payment order; liability for breach of agreement to accept payment order. |