MCL - 174-1962-4A-3
Act 174 of 1962
EXECUTION OF SENDER'S PAYMENT ORDER BY RECEIVING BANK
| Document | Type | Description |
|---|---|---|
| Section 440.4801 | Section | Execution of payment order; “execution date” defined. |
| Section 440.4802 | Section | 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 | Section | 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 | Section | Notification from receiving bank of erroneously executed payment order; duties of sender; obligation to pay interest; recovery by bank prohibited. |
| Section 440.4805 | Section | 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. |