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Michigan Compiled Laws Complete Through PA 58 of 2013

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

174-1962-4 - ARTICLE 4 BANK DEPOSITS AND COLLECTIONS (440.4101...440.4504)
174‑1962‑4‑1 ‑ PART 1 GENERAL PROVISIONS AND DEFINITIONS (440.4101...440.4111)
     Section 440.4101 ‑ Uniform commercial code—bank deposits and collections; short title.
     Section 440.4102 ‑ Conflict of laws; provisions applicable.
     Section 440.4103 ‑ Variation by agreement; measure of damages; action constituting ordinary care.
     Section 440.4104 ‑ Definitions used in article.
     Section 440.4104.amended ‑ Definitions used in article.
     Section 440.4105 ‑ Additional definitions.
     Section 440.4106 ‑ “Payable through” and “payable at” explained; bank as collecting bank.
     Section 440.4107 ‑ Bank branch or separate office as separate bank.
     Section 440.4108 ‑ Time of receipt of items.
     Section 440.4109 ‑ Collecting bank; waiving, modifying, or extending time limits; excuse for delay.
     Section 440.4110 ‑ “Agreement for electronic presentment” defined; presentment notice.
     Section 440.4111 ‑ Commencement of action under article; time period.
174‑1962‑4‑2 ‑ PART 2 COLLECTION OF ITEMS: DEPOSITARY AND COLLECTING BANKS (440.4201...440.4216)
     Section 440.4201 ‑ Agency status of banks; provisional status of credits; applicability of article; endorsement with pay any bank.
     Section 440.4202 ‑ Collecting bank; duties; exercising ordinary care; liability.
     Section 440.4203 ‑ Collecting bank; instructions from transferor.
     Section 440.4204 ‑ Collecting bank; methods of sending items; presentment.
     Section 440.4205 ‑ Depositary bank; item delivered by customer for collection.
     Section 440.4206 ‑ Transfer between banks.
     Section 440.4207 ‑ Warranties of customer and collecting bank on transfer of items; time for claims.
     Section 440.4208 ‑ Presentment of unaccepted or dishonored draft; warranties of person obtaining payment and prior transferor; discharge; accrual of cause of action.
     Section 440.4209 ‑ Electronic presentment; encoding of information and retaining items; warranties; recovery of damages, expenses, and loss of interest.
     Section 440.4210 ‑ Security interest of collecting bank in items, accompanying documents, or proceeds.
     Section 440.4210.amended ‑ Security interest of collecting bank in items, accompanying documents, or proceeds.
     Section 440.4211 ‑ Bank with security interest as holder in due course.
     Section 440.4212 ‑ Presentment by notice of item not payable by, through, or at a bank; treating item as dishonored.
     Section 440.4213 ‑ Settlement; medium and time.
     Section 440.4214 ‑ Right to charge-back or refund.
     Section 440.4215 ‑ Final payment of items by payor bank; final credit; availability of credit for withdrawal.
     Section 440.4216 ‑ Payor or collecting bank; suspension of payments.
174‑1962‑4‑3 ‑ PART 3 COLLECTION OF ITEMS: PAYOR BANKS (440.4301...440.4303)
     Section 440.4301 ‑ Demand items; recovery of settlement; time of dishonor; return of items.
     Section 440.4302 ‑ Payor bank; accountability upon presentment and receipt of item; defenses.
     Section 440.4303 ‑ Payor bank; items subject to knowledge notice, stop-payment order, legal process, or setoff; order in which times may be handled.
174‑1962‑4‑4 ‑ PART 4 RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER (440.4401...440.4407)
     Section 440.4401 ‑ Payor bank; charge against customer's account.
     Section 440.4402 ‑ Payor bank; wrongful dishonor; liability to customer; determination of account balance.
     Section 440.4403 ‑ Customer's right to stop payment; lapse and renewal; burden of proof of loss.
     Section 440.4404 ‑ Payment of checks more than 6 months old.
     Section 440.4405 ‑ Death or incompetence of customer.
     Section 440.4406 ‑ Statement of account; identification of items paid; retention of items or copies; customer's duty to discover and report unauthorized signature or alteration; failure to comply with subsection (3); failure of bank to exercise ordinary care in paying item; time limitation.
     Section 440.4407 ‑ Improper payment; subrogation of payor bank.
174‑1962‑4‑5 ‑ PART 5 COLLECTION OF DOCUMENTARY DRAFTS (440.4501...440.4504)
     Section 440.4501 ‑ Documentary draft; presentment, notice of dishonor.
     Section 440.4502 ‑ Documentary draft; presentment on arrival of goods, refusal for non-arrival; notice to transferor.
     Section 440.4503 ‑ Documentary draft; responsibility of presenting bank for documents and goods; report of reasons for dishonor; referees; expenses.
     Section 440.4504 ‑ Documentary draft; presenting bank's right to deal with goods; lien for expenses.