Part 3 Execution of Sender's Payment Order by Receiving Bank (440.4801...440.4805)

  1. Law
  2. Michigan Compiled Laws
  3. Uniform Commercial Code
  4. 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
  5. Funds Transfers (440.4601...440.4957)
  6. Part 3 Execution of Sender's Payment Order by Receiving Bank (440.4801...440.4805)

Checkout our iOS App for a better way to browser and research.

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.