PocketLaw | Michigan Compiled Laws | Part 2 Issue and Acceptance of

Part 2 Issue and Acceptance of Payment Order (440.4701...440.4712)

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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.