MCL - Index of Act 174 of 1962
NOTE: Dates reflect any modification to item, not necessarily a change in law.
| Title | Subject |
|---|---|
| Act 174 of 1962 | UNIFORM COMMERCIAL CODE (440.1101 - 440.11102) |
| 174-1962-1 | ARTICLE 1 GENERAL PROVISIONS (440.1101...440.1310) |
| 174-1962-1-1 | PART 1 SHORT TITLE, CONSTRUCTION, APPLICATION AND SUBJECT MATTER OF THE ACT (440.1101...440.1108) |
| Section 440.1101 | Uniform commercial code; short title of act; heading of article. |
| Section 440.1102 | Applicability of articles. |
| Section 440.1103 | Construction of act. |
| Section 440.1104 | Construction of act as to implied repeal by subsequent legislation. |
| Section 440.1105 | Repealed. 2012, Act 86, Eff. July 1, 2013. |
| Section 440.1106 | Meanings. |
| Section 440.1107 | Repealed. 2012, Act 86, Eff. July 1, 2013. |
| Section 440.1108 | Electronic signatures. |
| 174-1962-1-2 | PART 2 GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION (440.1201...440.1211) |
| Section 440.1201 | Definitions. |
| Section 440.1202 | Definitions. |
| Section 440.1203 | Transaction in form of lease; "remaining economic life of the goods" and "reasonably predictable" fair market rent, fair market value, or cost of performing under lease agreement; determination. |
| Section 440.1204 | Value for rights. |
| Section 440.1205 | Time for taking action. |
| Section 440.1206 | Presumption. |
| Section 440.1207 | Repealed. 2012, Act 86, Eff. July 1, 2013. |
| Section 440.1208 | Repealed. 2012, Act 86, Eff. July 1, 2013. |
| Section 440.1209 | Repealed. 2012, Act 86, Eff. July 1, 2013. |
| Section 440.1210 | Repealed. 2012, Act 86, Eff. July 1, 2013. |
| Section 440.1211 | Repealed. 2012, Act 86, Eff. July 1, 2013. |
| 174-1962-1-3 | PART 3 TERRITORIAL APPLICABILITY AND GENERAL RULES (440.1301...440.1310) |
| Section 440.1301 | Applicability of law of this state or other state or nation; applicability of act to transactions bearing relation to state; provisions specifying applicable law. |
| Section 440.1302 | Agreements; "unless otherwise agreed"; implication. |
| Section 440.1303 | Course of performance, course of dealing, or usage of trade. |
| Section 440.1304 | Good faith obligation. |
| Section 440.1305 | Administration of remedies; enforcement of right or obligation. |
| Section 440.1306 | Claim or right arising out of alleged breach; discharge. |
| Section 440.1307 | Prima facie evidence of certain documents. |
| Section 440.1308 | Performance or promise of performance; effect of reservation of rights; applicability of subsection (1) to accord and satisfaction. |
| Section 440.1309 | Accelerating payment or performance or requiring collateral or additional collateral. |
| Section 440.1310 | Subordination. |
| 174-1962-2 | ARTICLE 2 SALES (440.2101...440.2725) |
| 174-1962-2-1 | PART 1 SHORT TITLE, GENERAL CONSTRUCTION AND SUBJECT MATTER (440.2101...440.2107) |
| Section 440.2101 | Uniform commercial code—sales; short title. |
| Section 440.2102 | Application of article; security and other transactions excluded. |
| Section 440.2103 | Article 2; definitions. |
| Section 440.2104 | “Merchant," “financing agency,” and “between merchants” defined. |
| Section 440.2105 | Goods, lot, commercial unit; definitions. |
| Section 440.2106 | Contract, agreement, contract for sale, sale, present sale; definitions of certain terms. |
| Section 440.2107 | Contract for sale of property removable or severable from realty as contract for sale of goods; third party rights; execution and recording as notice to third parties. |
| 174-1962-2-2 | PART 2 FORM, FORMATION AND READJUSTMENT OF CONTRACTS (440.2201...440.2210) |
| Section 440.2201 | Formal requirements; statute of frauds. |
| Section 440.2202 | Final written expression of agreement; parol or extrinsic evidence. |
| Section 440.2203 | Seals. |
| Section 440.2204 | Contract for sale; formation, conduct, time, open terms. |
| Section 440.2205 | Firm offers. |
| Section 440.2206 | Offer and acceptance in formation of contract. |
| Section 440.2207 | Additional or different terms in acceptance; contract by conduct. |
| Section 440.2208 | Repealed. 2012, Act 86, Eff. July 1, 2013. |
| Section 440.2209 | Modification; rescission; waiver, retraction. |
| Section 440.2210 | Delegation of performance; assignment of rights. |
| 174-1962-2-3 | PART 3 GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT (440.2301...440.2328) |
| Section 440.2301 | Obligations of seller and buyer. |
| Section 440.2302 | Unconscionable contract or clause. |
| Section 440.2303 | Allocation or division of risk or burden. |
| Section 440.2304 | Price; payment in money, goods, realty, or otherwise. |
| Section 440.2305 | Open price term; fixed price. |
| Section 440.2306 | Output of seller; requirement of buyer; exclusive dealing. |
| Section 440.2307 | Delivery in single lot or several lots; payment. |
| Section 440.2308 | Place for delivery of goods and documents of title. |
| Section 440.2309 | Time of performance; contract termination. |
| Section 440.2310 | Open time and place for payment or running of credit; shipment under reservation; inspection. |
| Section 440.2311 | Specification of performance; assortment and shipment of goods; remedies. |
| Section 440.2312 | Warranties of title; freedom from liens. |
| Section 440.2313 | Creation of express warranties by seller. |
| Section 440.2313b | Express warranty; extension; merchant or warrantor to give purchaser writing stating time period. |
| Section 440.2314 | Implied warranty; merchantability, course of dealing, usage of trade. |
| Section 440.2315 | Implied warranty; fitness for particular purpose. |
| Section 440.2316 | Words or conduct relevant to creation of express warranty and tending to negate or limit warranty; construction; excluding or modifying implied warranty of merchantability and implied warranty of fitness; language; example; limiting remedies for breach of warranty. |
| Section 440.2317 | Warranties; cumulation and conflict. |
| Section 440.2318 | Warranties; third party beneficiaries. |
| Section 440.2319 | F.O.B. and F.A.S. terms. |
| Section 440.2320 | C.I.F. and C. & F. terms. |
| Section 440.2321 | C.I.F. and C. & F. terms, net landed weights, delivered weights, out turn; warranty of condition on arrival, inspection before payment. |
| Section 440.2322 | Delivery exship. |
| Section 440.2323 | Overseas shipment; bill of lading, form. |
| Section 440.2324 | No arrival, no sale terms. |
| Section 440.2325 | Letter of credit or banker's credit; confirmed credit; definitions. |
| Section 440.2326 | Transaction as “sale on approval” or “sale or return” if delivered goods returnable by buyer; claims of creditors; effect of “or return” term of contract for sale; work of fine art not subject to claims of art dealer's creditors; “art dealer,”“commission,” and “fine art” defined. |
| Section 440.2327 | Sale on approval; sale or return; special incidents. |
| Section 440.2328 | Sale by auction; sale with reserve; forced sale. |
| 174-1962-2-4 | PART 4 TITLE, CREDITORS AND GOOD FAITH PURCHASERS (440.2401...440.2403) |
| Section 440.2401 | Passing of title; reservation for security; limited application of section; rejection; revesting. |
| Section 440.2402 | Rights of seller's creditors against sold goods. |
| Section 440.2403 | Purchasers and transferees; title, rights, and powers to transfer goods; entrusting. |
| 174-1962-2-5 | PART 5 PERFORMANCE (440.2501...440.2515) |
| Section 440.2501 | Special property and insurable interest in goods; identification of goods. |
| Section 440.2502 | Special property and insurable interest in goods. |
| Section 440.2503 | Tender of delivery by seller; shipment; destination; goods in possession of bailee; documents. |
| Section 440.2504 | Delivery by shipment; contract with carrier, documents, notice. |
| Section 440.2505 | Shipment with and without reservation by seller. |
| Section 440.2506 | Financing agency; rights; reimbursement. |
| Section 440.2507 | Tender of delivery; conditions, payment. |
| Section 440.2508 | Improper delivery; cure, replacement. |
| Section 440.2509 | Risk of loss; absence of breach. |
| Section 440.2510 | Risk of loss; effect of breach. |
| Section 440.2511 | Payment by buyer; tender, check. |
| Section 440.2512 | Payment by buyer; inspection, nonconforming goods. |
| Section 440.2513 | Inspection by buyer; time, expenses, place, method. |
| Section 440.2514 | Documents; delivery to drawee on acceptance or payment. |
| Section 440.2515 | Adjustment of dispute; preservation of evidence, inspection. |
| 174-1962-2-6 | PART 6 BREACH, REPUDIATION AND EXCUSE (440.2601...440.2616) |
| Section 440.2601 | Improper delivery; buyer's rights. |
| Section 440.2602 | Rejection of goods. |
| Section 440.2603 | Rejection of goods; merchant buyer's duties. |
| Section 440.2604 | Rejection of goods; buyer's options. |
| Section 440.2605 | Rejection of goods; failure of buyer to particularize defect. |
| Section 440.2606 | Acceptance of goods; occurrence. |
| Section 440.2607 | Acceptance of goods; effect; notice of breach; burden of establishing breach; notice of claim or litigation to person answerable. |
| Section 440.2608 | Acceptance of goods; revocation, time, notice, effect. |
| Section 440.2609 | Contract for sale; performance; insecurity, demand, assurance of due performance. |
| Section 440.2610 | Anticipatory repudiation. |
| Section 440.2611 | Anticipatory repudiation; retraction. |
| Section 440.2612 | Installment contract; breach. |
| Section 440.2613 | Casualty to identified goods; total loss; partial loss, option of buyer. |
| Section 440.2614 | Substituted performance; acceptance, payment. |
| Section 440.2615 | Failure of presupposed conditions; nondelivery, partial delivery, excuse. |
| Section 440.2616 | Procedure on notice claiming excuse. |
| 174-1962-2-7 | PART 7 REMEDIES (440.2701...440.2725) |
| Section 440.2701 | Collateral or ancillary contracts; remedies for breach. |
| Section 440.2702 | Insolvency of buyer; remedies of seller. |
| Section 440.2703 | Buyer's wrongful rejection, revocation of acceptance, or nonpayment; remedies of seller. |
| Section 440.2704 | Buyer's wrongful rejection, revocation of acceptance, or nonpayment; identification of goods; resale; salvage. |
| Section 440.2705 | Stoppage of delivery in transit or otherwise; conditions; notice to bailee. |
| Section 440.2706 | Buyer's wrongful rejection, revocation of acceptance, or nonpayment; resale by seller; recovery of loss; notice to buyer; profit. |
| Section 440.2707 | Person in the position of a seller. |
| Section 440.2708 | Nonacceptance or repudiation; seller's damages. |
| Section 440.2709 | Nonpayment; action for price, damages. |
| Section 440.2710 | Seller's incidental damages. |
| Section 440.2711 | Nondelivery, repudiation, rejection, or revocation of acceptance; buyer's remedies; security interest in goods. |
| Section 440.2712 | Cover; procurement of substitute goods; buyer's damages. |
| Section 440.2713 | Nondelivery or repudiation; buyer's damages. |
| Section 440.2714 | Accepted goods; buyer's damages for breach. |
| Section 440.2715 | Buyer's incidental and consequential damages. |
| Section 440.2716 | Specific performance; replevin; claim and delivery. |
| Section 440.2717 | Deduction of damages from price; notice. |
| Section 440.2718 | Liquidation and limitation of damages; restitution to buyers. |
| Section 440.2719 | Contractual modification or limitation of remedies. |
| Section 440.2720 | Cancellation, rescission, antecedent breach. |
| Section 440.2721 | Remedies for misrepresentation or fraud. |
| Section 440.2722 | Right of action against third party for injury to goods. |
| Section 440.2723 | Evidence of market price; time, place, surprise. |
| Section 440.2724 | Evidence of market price; market quotations, admissibility. |
| Section 440.2725 | Statute of limitations in contracts for sale; contractual reduction. |
| 174-1962-2A | ARTICLE 2A LEASES (440.2801...440.2982) |
| 174-1962-2A-1 | PART 1 GENERAL PROVISIONS (440.2801...440.2810) |
| Section 440.2801 | Short title. |
| Section 440.2802 | Applicability of article. |
| Section 440.2803 | Definitions; sections; principles of construction and interpretation. |
| Section 440.2804 | Lease requirements; compliance with applicable statutes; effect of noncompliance with applicable statute. |
| Section 440.2805 | Certificate of title statute; compliance; applicable law. |
| Section 440.2806 | Choice of law; judicial forum. |
| Section 440.2807 | Discharge of claim or right without consideration. |
| Section 440.2808 | Unconscionable contract, clause, or conduct. |
| Section 440.2809 | Power to accelerate payment or performance or require collateral; good faith. |
| Section 440.2810 | Motor vehicle or trailer; transaction creating sale or security interest. |
| 174-1962-2A-2 | PART 2 FORMATION AND CONSTRUCTION OF LEASE CONTRACT (440.2851...440.2871) |
| Section 440.2851 | Lease contract; enforcement by action or defense; conditions; sufficiency of description or writing; determination of term. |
| Section 440.2852 | Final written expression; parol or extrinsic evidence. |
| Section 440.2853 | Effect of seal affixed to writing. |
| Section 440.2854 | Lease contract; sufficiency to show agreement; conduct; open terms. |
| Section 440.2855 | Firm offer; assurances to hold offer open. |
| Section 440.2856 | Offer to make lease contract; manner of acceptance; lapse. |
| Section 440.2857 | Repealed. 2012, Act 86, Eff. July 1, 2013. |
| Section 440.2858 | Lease agreement; modification or rescission; waiver; retraction. |
| Section 440.2859 | Supply contract; extension of benefits of supplier promises and of warranties to lessee; limitations; effect of modification or rescission; retention of rights. |
| Section 440.2860 | Express warranties; creation. |
| Section 440.2861 | Warranty against claim or interest in goods; claim by way of infringement; specifications furnished by lessee. |
| Section 440.2862 | Implied warranty of merchantability; other implied warranties. |
| Section 440.2863 | Implied warranty of fitness for a particular purpose. |
| Section 440.2864 | Limiting, negating, excluding, or modifying warranties; construction of words or conduct. |
| Section 440.2865 | Inconsistent warranties; intent; rules of construction. |
| Section 440.2866 | Warranty; extension to persons in family, household, or to guest; exclusion, modification, or limitation. |
| Section 440.2867 | Lease contract; identification of goods; absence of explicit agreement. |
| Section 440.2868 | Lease contract; insurable interest in goods. |
| Section 440.2869 | Risk of loss; passage to lessee. |
| Section 440.2870 | Risk of loss; repudiation; default. |
| Section 440.2871 | Casualty to identified goods before delivery or risk of loss passes. |
| 174-1962-2A-3 | PART 3 EFFECT OF LEASE CONTRACT (440.2901...440.2911) |
| Section 440.2901 | Lease contract; enforcement. |
| Section 440.2902 | Applicability of article; title or possession. |
| Section 440.2903 | Security interest; creation; transfer; limitations; rights and remedies; delegation of duties or performance; liability; prohibition. |
| Section 440.2904 | Transfer from lessor to subsequent lessee; power; obtaining rights in ordinary course of business; entrustment; certificate of title. |
| Section 440.2905 | Transfer from lessee to buyer or sublessee; power; rights; buyer in ordinary course of business; entrustment; certificate of title. |
| Section 440.2906 | Materials or services provided with respect to goods subject to lease contract; lien; priority; exception. |
| Section 440.2907 | Creditor of lessee; rights; taking leasehold interest subject to security interest. |
| Section 440.2908 | Creditor of lessor or seller; lease or sale contract treated as void; fraudulent retention or possession of goods; security for preexisting claim. |
| Section 440.2909 | Definitions; lease of fixtures; priority of security interests; right to remove goods; reimbursement; perfection by filing financing statement as fixture filing. |
| Section 440.2910 | Goods as accessions; priority of interests; right to remove goods; reimbursement. |
| Section 440.2911 | Subordination by agreement. |
| 174-1962-2A-4 | PART 4 PERFORMANCE OF LEASE CONTRACT: REPUDIATED, SUBSTITUTED, AND EXCUSED (440.2931...440.2937) |
| Section 440.2931 | Lease contract; demanding adequate assurance of due performance; repudiation; determination of adequacy; acceptance of nonconforming delivery or payment. |
| Section 440.2932 | Repudiation of lease contract. |
| Section 440.2933 | Retraction of repudiation. |
| Section 440.2934 | Substituted performance; tender and acceptance; failure of payment due to government regulation. |
| Section 440.2935 | Substituted performance; delay or nondelivery; allocating production and deliveries; notification. |
| Section 440.2936 | Notification by lessor of delay or allocation; rights of lessee; lapse of lease contract. |
| Section 440.2937 | Finance lease other than consumer lease; effect of lessee's promises; acceptance of goods by lessee; enforcement; validity. |
| 174-1962-2A-5 | PART 5 DEFAULT (440.2951...440.2982) |
| Section 440.2951 | Default; rights and remedies; self-help; enforcement covering real property and goods. |
| Section 440.2952 | Notice of default or enforcement. |
| Section 440.2953 | Default; rights and remedies provided in lease agreement; optional remedies; liquidation, limitation, alteration or exclusion of consequential damages; collateral or ancillary obligations and promises. |
| Section 440.2954 | Liquidation of damages; reasonableness; restitution; setoff. |
| Section 440.2955 | Cancellation or termination of lease contract; discharge of executory obligations; material misrepresentation or fraud; rescission, rejection, or return of goods as bar to rights or remedies. |
| Section 440.2956 | Default; commencement and accrual of action; effect of termination; applicability of section to tolling of statute of limitations or causes of action accrued before effective date of article. |
| Section 440.2957 | Damages based on market rent. |
| Section 440.2958 | Default by lessor; rights and remedies; breach of warranty; security interest for rent, security, and expenses; deduction of damages from rent due. |
| Section 440.2959 | Failure of goods or tender or delivery to conform to lease contract; rights of lessee; effectiveness of rejection of goods. |
| Section 440.2960 | Installment lease contract; rejecting nonconforming delivery; conditions requiring acceptance; reinstatement of lease contract. |
| Section 440.2961 | Rejection of goods in merchant lessee's possession or control; duties of merchant lessee; right to reimbursement; good faith conduct; purchaser in good faith. |
| Section 440.2962 | Rejection of goods in lessee's possession; rights and obligations of lessee. |
| Section 440.2963 | Rejection of goods before expiration of time for performance; rights of lessor or supplier. |
| Section 440.2964 | Rejection of goods; failure of lessee to state particular defect or reserve rights when paying consideration against documents; effect. |
| Section 440.2965 | Acceptance of goods; opportunity to inspect; conduct; accepting part of unit. |
| Section 440.2966 | Acceptance of goods; rent; revocation prohibited; exception; acceptance of tender; effect of suit against lessee for breach of warranty or other obligation; infringement. |
| Section 440.2967 | Revoking acceptance of nonconforming lot or commercial unit; conditions; notification; rights and duties of lessee. |
| Section 440.2968 | Default by lessor; cover; damages. |
| Section 440.2969 | Nondelivery or repudiation by lessor; rejection or revocation of acceptance by lessee; damages; measure of damages for market rent, nonconforming tender or delivery, or breach of warranty. |
| Section 440.2970 | Default by lessor; incidental and consequential damages. |
| Section 440.2971 | Specific performance. |
| Section 440.2972 | Insolvency of lessor; recovery of conforming goods after receipt of first installment of rent and security. |
| Section 440.2973 | Wrongful rejection or revocation; failure to make payment; repudiation; default; rights of lessor; damages; cancellation of lease. |
| Section 440.2974 | Additional rights of lessor aggrieved under MCL 440.2973(1). |
| Section 440.2975 | Insolvency of lessee; refusal to deliver goods; possession, availability, or disposition of goods; proceeding without judicial process. |
| Section 440.2976 | Insolvency of lessee; stopping delivery of goods in possession of bailee; conditions; notification; liability for charges or damages; obligation of carrier. |
| Section 440.2977 | Default; disposition of goods; damages based on new lease agreement; rights of subsequent good faith buyer or lessee; accounting for profit. |
| Section 440.2978 | Retention or disposition of goods by lessor; damages. |
| Section 440.2979 | Default by lessee; damages; holding identified goods for remaining lease term; disposition of goods by lessor; use and possession of goods by lessee; rent. |
| Section 440.2980 | Incidental damages. |
| Section 440.2981 | Third party causing injury. |
| Section 440.2982 | Additional damages. |
| 174-1962-3 | ARTICLE 3 NEGOTIABLE INSTRUMENTS (440.3101...440.3805) |
| 174-1962-3-1 | PART 1 GENERAL PROVISIONS AND DEFINITIONS (440.3101...440.3122) |
| Section 440.3101 | Short title; article. |
| Section 440.3102 | Scope; limitations; conflict of laws. |
| Section 440.3103 | Definitions; principles of construction. |
| Section 440.3104 | Additional definitions. |
| Section 440.3105 | “Issue” and “issuer” defined; effect of unissued or conditionally issued instrument. |
| Section 440.3106 | Unconditional status of promise or order. |
| Section 440.3107 | Payment in foreign money. |
| Section 440.3108 | Instrument payable on demand, at definite time, or at fixed date. |
| Section 440.3109 | Promise or order; payable on demand; payable at definite time; instrument payable at fixed date. |
| Section 440.3110 | Determination of person payable; intent; signature by automated means; determining holder; instrument payable to 2 or more persons. |
| Section 440.3111 | Place of payment. |
| Section 440.3112 | Interest. |
| Section 440.3113 | Instrument antedated, postdated, or undated. |
| Section 440.3114 | Instrument; contradictory terms. |
| Section 440.3115 | Incomplete instrument; definition; enforcement; alteration; burden. |
| Section 440.3116 | Joint and several liability. |
| Section 440.3117 | Obligation modified, supplemented, or nullified by separate agreement. |
| Section 440.3118 | Action to enforce obligation; commencement; time period; other actions. |
| Section 440.3119 | Notice of litigation to answerable third party. |
| Section 440.3120-440.3122 | Repealed. 1993, Act 130, Eff. Sept. 30, 1993. |
| 174-1962-3-2 | PART 2 NEGOTIATION, TRANSFER, AND ENDORSEMENT (440.3201...440.3208) |
| Section 440.3201 | Negotiation; definition; transfer of possession. |
| Section 440.3202 | Negotiation; effective although subject to rescission or other remedies. |
| Section 440.3203 | Transfer of instrument; delivery; rights of transferee; effect of transfer of less than entire instrument. |
| Section 440.3204 | “Endorsement” and “endorser” defined; transfer of security interest effective as unqualified endorsement; instrument payable to name other than holder. |
| Section 440.3205 | Special endorsement; blank endorsement; conversion; “anomalous endorsement” defined. |
| Section 440.3206 | Endorsement; limitation; condition; words indicating collection by bank; endorsee as agent, trustee, or other fiduciary; purchaser as holder in due course; exception; defense. |
| Section 440.3207 | Instrument; reacquisition. |
| Section 440.3208 | Repealed. 1993, Act 130, Eff. Sept. 30, 1993. |
| 174-1962-3-3 | PART 3 ENFORCEMENT OF INSTRUMENTS (440.3301...440.3312) |
| Section 440.3301 | Instrument; person entitled to enforce. |
| Section 440.3302 | Holder in due course; notice of discharge as effective against holder; rights of holder; time and manner of notice; section subject to law limiting status. |
| Section 440.3303 | Instrument issued or transferred for value; consideration. |
| Section 440.3304 | Instruments payable on demand or payable at definite time as overdue; conditions. |
| Section 440.3305 | Right to enforce obligation; defenses or claims available; statement; section subject to other law. |
| Section 440.3306 | Instrument; person subject to claim of property or possessory right. |
| Section 440.3307 | Fiduciary duty; breach. |
| Section 440.3308 | Establishing validity of signature; burden; right to payment subject to defense or claim in recoupment; holder in due course not subject to defense or claim. |
| Section 440.3309 | Enforcement of instrument in which loss of possession occurred. |
| Section 440.3310 | Certified check, cashier's check, or teller's check; discharge; note or uncertified check; suspension of obligation; other instruments. |
| Section 440.3311 | Discharge; tender as full satisfaction of claim. |
| Section 440.3312 | Definitions; asserting claim to amount of check by communication to obligated bank; delivery of declaration of loss; claim asserted in compliance with subsection (2); duties of claimant if presentment by holder in due course; rights of claimant with respect to check. |
| 174-1962-3-4 | PART 4 LIABILITY OF PARTIES (440.3401...440.3420) |
| Section 440.3401 | Liability; signature. |
| Section 440.3402 | Liability of parties; signature by authorized representative. |
| Section 440.3403 | Unauthorized signature; effect. |
| Section 440.3404 | Imposter; inducing issuance of instrument; endorsement in name of payee; failure to exercise ordinary care. |
| Section 440.3405 | Definitions; fraudulent endorsement by employee or person acting in concert with employee. |
| Section 440.3406 | Failure to exercise ordinary care contributing to alteration or forged instrument; allocation of loss; burden of proof. |
| Section 440.3407 | Alteration; definition; discharge of party affected; enforcement of rights. |
| Section 440.3408 | Check or draft; operation as assignment. |
| Section 440.3409 | Acceptance of draft; definition; operation; “certified check” defined; refusal to certify. |
| Section 440.3410 | Acceptance varying from terms of draft. |
| Section 440.3411 | Obligated bank; definition; refusal to pay check; expenses or damages not recoverable. |
| Section 440.3412 | Note, cashier's check, or other draft; obligation of issuer to pay according to terms. |
| Section 440.3413 | Draft; obligation to pay according to terms; amount. |
| Section 440.3414 | Applicability of section; unaccepted draft; dishonor; payment according to terms; acceptance by bank; discharge of drawer; obligation of drawer if acceptor not bank and draft dishonored; disclaimer of liability; suspension of payments after expiration of 30-day period. |
| Section 440.3415 | Dishonored instrument; obligation and liability of endorser. |
| Section 440.3416 | Transfer of instrument for consideration; endorsement; warranties. |
| Section 440.3417 | Presentment of unaccepted or dishonored draft; rights of parties. |
| Section 440.3418 | Payment or acceptance by mistake. |
| Section 440.3419 | Accommodation parties. |
| Section 440.3420 | Conversion. |
| 174-1962-3-5 | PART 5 DISHONOR (440.3501...440.3511) |
| Section 440.3501 | Presentment; definition; manner; rights of party to whom presentment is made. |
| Section 440.3502 | Notes and drafts; dishonor. |
| Section 440.3503 | Notice of dishonor; manner; sufficiency; time periods. |
| Section 440.3504 | Presentment, notice of dishonor, or delay in giving notice of dishonor; conditions for excuse. |
| Section 440.3505 | Admissible evidence creating presumption of dishonor; protest. |
| Section 440.3506-440.3511 | Repealed. 1993, Act 130, Eff. Sept. 30, 1993. |
| 174-1962-3-6 | PART 6 DISCHARGE AND PAYMENT (440.3601...440.3606) |
| Section 440.3601 | Discharge; effect against holder in due course. |
| Section 440.3602 | Discharge; payment; "signed" defined. |
| Section 440.3603 | Tender of payment; effect; refusal of tender as discharge; interest; obligor ready and able to pay on due date. |
| Section 440.3604 | Discharge by intentional voluntary act; canceling or striking out endorsement; "signed" defined. |
| Section 440.3605 | Secondary obligor; rights and duties; agreement to modification or to extend time when payments are due; obligation secured by interest in collateral; discharge; impairing value of interest in collateral; knowledge of accommodation; consent or waiver of discharge; release or extension; burden of persuasion; presumption. |
| Section 440.3606 | Repealed. 1993, Act 130, Eff. Sept. 30, 1993. |
| 174-1962-3-7 | PART 7 ADVICE OF INTERNATIONAL SIGHT DRAFT (440.3701...440.3701) |
| Section 440.3701 | Repealed. 1993, Act 130, Eff. Sept. 30, 1993. |
| 174-1962-3-8 | PART 8 MISCELLANEOUS (440.3801...440.3805) |
| Section 440.3801-440.3805 | Repealed. 1993, Act 130, Eff. Sept. 30, 1993. |
| 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 440.4105 | 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; accrual of cause of action. |
| 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 440.4211 | 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. |
| 174-1962-4A | ARTICLE 4A FUNDS TRANSFERS (440.4601...440.4957) |
| 174-1962-4A-1 | PART 1 SUBJECT MATTERS AND DEFINITIONS (440.4601...440.4608) |
| Section 440.4601 | Short title. |
| Section 440.4602 | Applicability of article. |
| Section 440.4603 | Definitions; instruction as a separate payment order; issuance of payment order. |
| Section 440.4604 | Definitions. |
| Section 440.4605 | Definitions; sections where other definitions appear. |
| Section 440.4606 | Payment order or communication canceling or amending payment order; determining time of receipt. |
| Section 440.4607 | Regulations of federal reserve system as superseding article. |
| Section 440.4608 | Applicability of article to certain funds transfer; inconsistency; "electronic fund transfer act" defined. |
| 174-1962-4A-2 | PART 2 ISSUE AND ACCEPTANCE OF PAYMENT ORDER (440.4701...440.4712) |
| 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. |
| 174-1962-4A-3 | PART 3 EXECUTION OF SENDER'S PAYMENT ORDER BY RECEIVING BANK (440.4801...440.4805) |
| 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. |
| 174-1962-4A-4 | PART 4 PAYMENT (440.4901...440.4906) |
| Section 440.4901 | “Payment date” defined. |
| Section 440.4902 | Payment order issued to beneficiary or receiving bank subject to MCL 440.4705 and 440.4707; payment by sender; refund; right of sender executing payment order to receive or retain payment; right of sender to be excused from obligation to pay or receive refund not varied by agreement. |
| Section 440.4903 | Sender's obligation under MCL 440.4902 to pay receiving bank; payment requirements; final settlement; satisfaction of sender's payment obligation. |
| Section 440.4904 | Beneficiary bank; acceptance of payment order subject to MCL 440.4711(5), 440.4905(4), and 440.4905(5); payment due date; refusal of bank to pay after demand; recovery of damages; instruction to pay to beneficiary's account; notice; interest; attorney fees; rights of beneficiary pursuant to agreement or funds-transfer system rule. |
| Section 440.4905 | Beneficiary bank; crediting account of beneficiary of payment order; payment of bank obligations under MCL 440.4904(1); time of payment; condition to payment or agreement; provisional payments to beneficiary under funds-transfer system rule; refund; applicability of subsection (5) to certain funds transfer. |
| Section 440.4906 | Originator of funds transfer; conditions for payment to beneficiary; satisfaction and discharge of obligation; determination; rights varied by agreement. |
| 174-1962-4A-5 | PART 5 MISCELLANEOUS PROVISIONS (440.4951...440.4957) |
| Section 440.4951 | Rights and obligations of party to funds transfer varied by agreement of affected party; “funds-transfer system rule” defined. |
| Section 440.4952 | “Creditor process” defined and explained. |
| Section 440.4953 | Powers of court with respect to funds transfer. |
| Section 440.4954 | Receiving bank; authority to charge sender's account; credits. |
| Section 440.4955 | Customer objection to payment; notification required. |
| Section 440.4956 | Receiving bank; determination of interest payable. |
| Section 440.4957 | Rights and obligations of parties; application of choice of law. |
| 174-1962-5 | ARTICLE 5 LETTERS OF CREDIT (440.5101...440.5118) |
| Section 440.5101 | Uniform commercial code—letters of credit; short title of article. |
| Section 440.5102 | Definitions. |
| Section 440.5103 | Letters of credit; scope of article. |
| Section 440.5104 | Issuance; authentication. |
| Section 440.5105 | Consideration. |
| Section 440.5106 | Credit; issuance; enforcement; revocation; expiration. |
| Section 440.5107 | Confirmation; rights and obligations; request to advise; notice to transferee beneficiary. |
| Section 440.5108 | Honoring or dishonoring presentation. |
| Section 440.5109 | Forged or fraudulent document; injunction; findings of court. |
| Section 440.5110 | Warranties on presentment or transfer. |
| Section 440.5111 | Wrongful dishonor, repudiation, or breach; rights of claimant or applicant; liability of issuer, nominated person, or adviser; attorney fees; liquidated damages. |
| Section 440.5112 | Right to draw or demand performance under letter of credit; transfer. |
| Section 440.5113 | Rights of successor beneficiary. |
| Section 440.5114 | Proceeds of letter of credit. |
| Section 440.5115 | Commencement of action. |
| Section 440.5116 | Jurisdiction; forum. |
| Section 440.5117 | Rights of subrogation. |
| Section 440.5118 | Document presented under letter of credit; security interest of issuer or nominated person. |
| 174-1962-6 | ARTICLE 6 BULK TRANSFERS (440.6101...440.6111) |
| Section 440.6101-440.6111 | Repealed. 1998, Act 489, Imd. Eff. Jan. 4, 1999. |
| 174-1962-7 | ARTICLE 7 WAREHOUSE RECEIPTS, BILLS OF LADING AND OTHER DOCUMENTS OF TITLE (440.7101...440.7702) |
| 174-1962-7-1 | PART 1 GENERAL (440.7101...440.7106) |
| Section 440.7101 | Uniform commercial code—documents of title; short title of article. |
| Section 440.7102 | Uniform commercial code; documents of title; definitions. |
| Section 440.7103 | Article subject to governmental treaty, statute, or regulatory statute; electronic signatures. |
| Section 440.7104 | Negotiable and nonnegotiable warehouse receipt, bill of lading, or other document of title. |
| Section 440.7105 | Tangible document of title as substitute for electronic document; electronic document title as substitute for tangible document of title; conditions. |
| Section 440.7106 | Person having control of electronic document. |
| 174-1962-7-2 | PART 2 WAREHOUSE RECEIPTS: SPECIAL PROVISIONS (440.7201...440.7210) |
| Section 440.7201 | Warehouse receipt; issuance; storage under government bond. |
| Section 440.7202 | Terms of receipt; form; contrary provisions. |
| Section 440.7203 | Liability for nonreceipt or misdescription. |
| Section 440.7204 | Duty of care; contractual limitation of warehouse liability; provisions as to time and manner of presenting claims and commencing actions. |
| Section 440.7205 | Fungible goods; buyer's title. |
| Section 440.7206 | Termination of storage at warehouse's option; removal or sale; notice; delivery; satisfaction of lien. |
| Section 440.7207 | Separation of goods; commingling of fungible goods; overissued receipts. |
| Section 440.7208 | Alteration of warehouse receipts. |
| Section 440.7209 | Warehouse's lien; security interest; "household goods" defined; loss of lien. |
| Section 440.7210 | Warehouse's lien; enforcement procedure; liability for noncompliance. |
| 174-1962-7-3 | PART 3 BILLS OF LADING: SPECIAL PROVISIONS (440.7301...440.7309) |
| Section 440.7301 | Negotiable bill of lading; issuer's liability for misdating, nonreceipt, or misdescription; goods loaded by issuer of bill of lading; bulk; statement of shipper's weight, load, and count; guarantee; liability. |
| Section 440.7302 | Through bill of lading or other document of title; variance as to overseas undertaking; obligations of persons other than issuer; obligations of persons to issuer. |
| Section 440.7303 | Diversion; reconsignment; change of instructions. |
| Section 440.7304 | Bills of lading in set of parts. |
| Section 440.7305 | Destination and substitute bills. |
| Section 440.7306 | Altered bills of lading. |
| Section 440.7307 | Carrier's lien. |
| Section 440.7308 | Carrier's lien; enforcement; procedure; liability for noncompliance. |
| Section 440.7309 | Carrier's duty of care; contractual provisions as to liability. |
| 174-1962-7-4 | PART 4 WAREHOUSE RECEIPTS AND BILLS OF LADING: GENERAL OBLIGATIONS (440.7401...440.7404) |
| Section 440.7401 | Irregularities in issue of document of title. |
| Section 440.7402 | Duplicate document of title; overissue. |
| Section 440.7403 | Delivery; exceptions; satisfaction of bailee's lien; cancellation or indication of partial delivery. |
| Section 440.7404 | Bailee's delivery in good faith according to document of title. |
| 174-1962-7-5 | PART 5 WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER (440.7501...440.7509) |
| Section 440.7501 | Negotiable document of title; indorsement; notice of arrival. |
| Section 440.7502 | Negotiation; rights acquired. |
| Section 440.7503 | Documents of title to goods; defeat in certain cases. |
| Section 440.7504 | Documents of title; transfer by delivery in absence of due negotiation; effect; defeat of transfer rights; diversion or change of shipping instructions; stoppage of delivery. |
| Section 440.7505 | Documents of title; liability of indorser. |
| Section 440.7506 | Documents of title; delivery without indorsement; right to have indorsement supplied. |
| Section 440.7507 | Documents of title; warranties on negotiation or delivery for value. |
| Section 440.7508 | Documents of title; warranties of collecting bank. |
| Section 440.7509 | Documents of title; adequacy as contract for sale, lease, or conditions of a credit. |
| 174-1962-7-6 | PART 6 WAREHOUSE RECEIPTS AND BILLS OF LADING: MISCELLANEOUS PROVISIONS (440.7601...440.7603) |
| Section 440.7601 | Lost, stolen, or destroyed documents of title; delivery of goods or issuance of substitute document; indemnity. |
| Section 440.7602 | Judicial process; surrender of document of title; purchaser for value. |
| Section 440.7603 | Conflicting claims; interpleader. |
| 174-1962-7-7 | PART 7 MISCELLANEOUS PROVISIONS (440.7701...440.7702) |
| Section 440.7701 | Applicability of amendatory act. |
| Section 440.7702 | Document of title issued or bailment that arises before effective date of amendatory act. |
| 174-1962-8 | ARTICLE 8 INVESTMENT SECURITIES (440.8101...440.8601) |
| 174-1962-8-1 | PART 1 SHORT TITLE AND GENERAL MATTERS (440.8101...440.8116) |
| Section 440.8101 | Uniform commercial code—investment securities; cited as. |
| Section 440.8102 | Definitions. |
| Section 440.8103 | Share or equity interest as security; "investment company security" defined; interest in partnership or limited liability company as security or financial asset; writing; option or similar obligation issued by clearing corporation as financial asset; commodity contract; financial asset. |
| Section 440.8104 | Security or interest in security; financial asset; security entitlement; acquisition; placing security or financial asset in possession of another person. |
| Section 440.8105 | Notice of adverse claim. |
| Section 440.8106 | Certificated security in bearer form; certificated security in registered form; uncertificated security; security entitlement; control; agreement by issuer or securities intermediary. |
| Section 440.8107 | “Appropriate person” defined; effectiveness of indorsement, instruction, or entitlement order. |
| Section 440.8108 | Warranty to purchaser. |
| Section 440.8109 | Warranty to securities intermediary. |
| Section 440.8110 | Jurisdiction. |
| Section 440.8111 | Rule adopted by clearing corporation; effect. |
| Section 440.8112 | Reaching interest of debtor. |
| Section 440.8113 | Sale or purchase of security; enforcement of contract or contract modification. |
| Section 440.8114 | Action on certificated security against issuer; rules. |
| Section 440.8115 | Transferring or dealing with financial asset; liability of securities intermediary, broker, or agent. |
| Section 440.8116 | Securities intermediary as purchaser for value of financial asset; acquisition of security entitlement for value. |
| 174-1962-8-2 | PART 2 ISSUE—ISSUER (440.8201...440.8210) |
| Section 440.8201 | “Issuer” defined. |
| Section 440.8202 | Terms of security; effect of defect going to validity of security; rules; defenses; right of party to cancel contract. |
| Section 440.8203 | Conditions to charging purchaser with notice of defect. |
| Section 440.8204 | Restriction on transfer of security. |
| Section 440.8205 | Unauthorized signature. |
| Section 440.8206 | Completion or alteration of security certificate. |
| Section 440.8207 | Rights of issuer or indenture trustee with respect to registered owner. |
| Section 440.8208 | Warranty of person signing security certificate. |
| Section 440.8210 | Overissue. |
| 174-1962-8-3 | PART 3 PURCHASE (440.8301...440.8321) |
| Section 440.8301 | Delivery of certificated or uncertificated security to purchaser. |
| Section 440.8302 | Purchaser of security; rights acquired. |
| Section 440.8303 | “Protected purchaser” defined. |
| Section 440.8304 | Indorsement. |
| Section 440.8305 | Initiation or origination of instruction; completion; reliance; assumption of obligations. |
| Section 440.8306 | Warranties generally. |
| Section 440.8307 | Transfer of security on due demand; supplying requisite necessary to obtain registration; effect of noncompliance. |
| Section 440.8308-440.8321 | Repealed. 1998, Act 278, Imd. Eff. July 27, 1998. |
| 174-1962-8-4 | PART 4 REGISTRATION (440.8401...440.8408) |
| Section 440.8401 | Registration of transfer; duty and liability of issuer. |
| Section 440.8402 | Indorsement as genuine and authorized; assurance; definitions. |
| Section 440.8403 | Demand; effect; notification; period of time; liability of issuer. |
| Section 440.8404 | Liability of issuer for wrongful registration or transfer. |
| Section 440.8405 | Lost, destroyed, or wrongfully taken securities. |
| Section 440.8406 | Lost, destroyed, or wrongfully taken security certificate; failure to notify issuer. |
| Section 440.8407 | Authenticating trustee, transfer agent, registrar, or other agent; obligation to holder or owner of certificate. |
| Section 440.8408 | Repealed. 1998, Act 278, Imd. Eff. July 27, 1998. |
| 174-1962-8-5 | PART 5 SECURITY ENTITLEMENTS (440.8501...440.8511) |
| Section 440.8501 | “Securities account” defined; acquisition of security entitlement; conditions; directly held financial asset; issuance not as security entitlement. |
| Section 440.8502 | Action based on adverse claim. |
| Section 440.8503 | Entitlement holder property interest. |
| Section 440.8504 | Maintenance of financial asset by securities intermediary; quantity; manner; limitation; duties; applicability to clearing corporation. |
| Section 440.8505 | Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary. |
| Section 440.8506 | Duty of securities intermediary to exercise rights with respect to financial asset; conditions. |
| Section 440.8507 | Compliance with entitlement order by securities intermediary; conditions; wrongful transfer of financial asset pursuant to ineffective entitlement order; liability. |
| Section 440.8508 | Changing security entitlement into another form of holding; transferring financial asset to securities account of entitlement holder; duties of securities intermediary; conditions. |
| Section 440.8509 | Performance of duties by securities intermediary. |
| Section 440.8510 | Assertion of action based on adverse claim; prohibition; conditions; priority. |
| Section 440.8511 | Priority of claims. |
| 174-1962-8-6 | PART 6 (440.8601...440.8601) |
| Section 440.8601 | Action or proceeding commenced before act takes effect; security interest perfected at date act takes effect. |
| 174-1962-9 | ARTICLE 9 SECURED TRANSACTIONS (440.9101...440.9994) |
| 174-1962-9-1 | PART 1 GENERAL PROVISIONS (440.9101...440.9116) |
| 174-1962-9-1-1. | SUBPART 1. SHORT TITLE, DEFINITIONS, AND GENERAL CONCEPTS (440.9101...440.9108) |
| Section 440.9101 | Uniform commercial code—secured transactions; short title. |
| Section 440.9102 | Definitions and index of definitions. |
| Section 440.9103 | Purchase-money security interest; application of payments; burden of establishing. |
| Section 440.9104 | Control of deposit account. |
| Section 440.9105 | Control of electronic chattel paper. |
| Section 440.9106 | Control of investment property. |
| Section 440.9107 | Control of letter-of-credit right. |
| Section 440.9108 | Sufficiency of description. |
| 174-1962-9-1-2. | SUBPART 2. APPLICABILITY OF ARTICLE (440.9109...440.9116) |
| Section 440.9109 | Scope. |
| Section 440.9110 | Security interests arising under article 2 or 2A. |
| Section 440.9111 | Repealed. 1998, Act 489, Imd. Eff. Jan. 4, 1999. |
| Section 440.9112-440.9116 | Repealed. 2000, Act 348, Eff. July 1, 2001. |
| 174-1962-9-2 | PART 2 EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (440.9201...440.9210) |
| 174-1962-9-2-1. | SUBPART 1. EFFECTIVENESS AND ATTACHMENT (440.9201...440.9206) |
| Section 440.9201 | General effectiveness of security agreement. |
| Section 440.9202 | Title to collateral immaterial. |
| Section 440.9203 | Attachment and enforcement of security interest; proceeds; supporting obligations; formal requisites. |
| Section 440.9204 | After-acquired property; future advances. |
| Section 440.9205 | Use or disposition of collateral permissible. |
| Section 440.9206 | Security interest arising in purchase or delivery of financial asset. |
| 174-1962-9-2-2. | SUBPART 2. RIGHTS AND DUTIES (440.9207...440.9210) |
| Section 440.9207 | Rights and duties of secured party having possession or control of collateral. |
| Section 440.9208 | Additional duties of secured party having control of collateral. |
| Section 440.9209 | Duties of secured party if account debtor has been notified of assignment. |
| Section 440.9210 | Request for accounting; request regarding list of collateral or statement of account. |
| 174-1962-9-3 | PART 3 PERFECTION AND PRIORITY (440.9301...440.9342) |
| 174-1962-9-3-1. | SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY (440.9301...440.9307) |
| Section 440.9301 | Law governing perfection and priority of security interests. |
| Section 440.9302 | Law governing perfection and priority of agricultural liens. |
| Section 440.9303 | Law governing perfection and priority of security interests in goods covered by certificate of title. |
| Section 440.9304 | Law governing perfection and priority of security interests in deposit accounts. |
| Section 440.9305 | Law governing perfection and priority of security interests in investment property. |
| Section 440.9306 | Law governing perfection and priority of security interests in letter-of-credit rights. |
| Section 440.9307 | "Place of business" defined; location of debtor. |
| 174-1962-9-3-2. | SUBPART 2. PERFECTION (440.9308...440.9316) |
| Section 440.9308 | When security interest or agricultural lien is perfected; continuity of perfection. |
| Section 440.9309 | Security interest perfected upon attachment. |
| Section 440.9310 | When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply. |
| Section 440.9311 | Perfection of security interests in property subject to certain statutes, regulations, and treaties. |
| Section 440.9312 | Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing; temporary perfection without filing or transfer of possession. |
| Section 440.9313 | Possession by or delivery to secured party perfecting security interest without filing. |
| Section 440.9314 | Perfection by control. |
| Section 440.9315 | Secured party's rights on disposition of collateral and in proceeds. |
| Section 440.9316 | Continued perfection of security interest following change in governing law. |
| 174-1962-9-3-3. | SUBPART 3. PRIORITY (440.9317...440.9339) |
| Section 440.9317 | Interests that take priority over or take free of unperfected security interest or agricultural lien. |
| Section 440.9318 | No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers. |
| Section 440.9319 | Rights and title of consignee with respect to creditors and purchasers. |
| Section 440.9320 | Buyer of goods. |
| Section 440.9321 | Licensee of general intangible and lessee of goods in ordinary course of business. |
| Section 440.9322 | Priorities among conflicting security interests in and agricultural liens on same collateral. |
| Section 440.9323 | Future advances. |
| Section 440.9324 | Priority of purchase-money security interests. |
| Section 440.9325 | Priority of security interests in transferred collateral. |
| Section 440.9326 | Priority of security interests created by new debtor. |
| Section 440.9327 | Priority of security interests in deposit account. |
| Section 440.9328 | Priority of security interests in investment property. |
| Section 440.9329 | Priority of security interests in letter-of-credit right. |
| Section 440.9330 | Priority of purchaser of chattel paper or instrument. |
| Section 440.9331 | Priority of rights of purchasers of instruments, documents, and securities under other articles; priority of interests in financial assets and security entitlements under article 8. |
| Section 440.9332 | Transfer of money; transfer of funds from deposit account. |
| Section 440.9333 | Priority of certain liens arising by operation of law. |
| Section 440.9334 | Priority of security interests in fixtures and crops. |
| Section 440.9335 | Accessions. |
| Section 440.9336 | Commingled goods. |
| Section 440.9337 | Priority of security interests in goods covered by certificate of title. |
| Section 440.9338 | Priority of security interests or agricultural lien perfected by filed financing statement providing certain incorrect information. |
| Section 440.9339 | Priority subject to subordination. |
| 174-1962-9-3-4. | SUBPART 4. RIGHTS OF BANK (440.9340...440.9342) |
| Section 440.9340 | Effectiveness of right of recoupment or setoff against deposit account. |
| Section 440.9341 | Bank's rights and duties with respect to deposit account. |
| Section 440.9342 | Bank's right to refuse to enter into or disclose existence of control agreement. |
| 174-1962-9-4 | PART 4 RIGHTS OF THIRD PARTIES (440.9401...440.9410) |
| Section 440.9401 | Alienability of debtor's rights. |
| Section 440.9402 | Secured party not obligated on contract of debtor or in tort. |
| Section 440.9403 | Agreement not to assert defenses against assignee. |
| Section 440.9404 | Rights acquired by assignee; claims and defenses against assignee. |
| Section 440.9405 | Modification of assigned contract. |
| Section 440.9406 | Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective. |
| Section 440.9407 | Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest. |
| Section 440.9408 | Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective. |
| Section 440.9408a | Repealed. 2000, Act 348, Eff. July 1, 2001. |
| Section 440.9409 | Restrictions on assignment of letter-of-credit rights ineffective. |
| Section 440.9410 | Repealed. 2000, Act 348, Eff. July 1, 2001. |
| 174-1962-9-5 | PART 5 FILING (440.9501...440.9527) |
| 174-1962-9-5-1. | SUBPART 1. FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (440.9501...440.9518) |
| Section 440.9501 | Filing office. |
| Section 440.9501a | Fraudulent financing statement; affidavit; form; notice; termination of financing statement; filing fee; notice of termination; action to reinstate financing statement; court order; payment of costs and expenses; violation as felony; penalty; "regulated financial institution" defined. |
| Section 440.9502 | Contents of financing statement; record of mortgage as financing statement; time of filing financing statement. |
| Section 440.9503 | Name of debtor and secured party; "name of the settlor or testator" defined. |
| Section 440.9504 | Indication of collateral. |
| Section 440.9505 | Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions. |
| Section 440.9506 | Effect of errors or omissions. |
| Section 440.9507 | Effect of certain events on effectiveness of financing statement. |
| Section 440.9508 | Effectiveness of financing statement if new debtor becomes bound by security agreement. |
| Section 440.9509 | Persons entitled to file a record. |
| Section 440.9510 | Effectiveness of filing record. |
| Section 440.9511 | Secured party of record. |
| Section 440.9512 | Amendment of financing statement. |
| Section 440.9513 | Termination statement. |
| Section 440.9514 | Assignment of powers of secured party of record. |
| Section 440.9515 | Duration and effectiveness of financing statement; effect of lapsed financing statement; continuation statement; termination. |
| Section 440.9516 | Filing; requirements; communication of record with tender of filing fee; effectiveness. |
| Section 440.9517 | Effect of indexing errors. |
| Section 440.9518 | Information statement concerning inaccurate or wrongfully filed record. |
| 174-1962-9-5-2. | SUBPART 2. DUTIES AND OPERATION OF FILING OFFICE (440.9519...440.9527) |
| Section 440.9519 | Numbering, maintaining, and indexing records; communicating information provided in records. |
| Section 440.9520 | Acceptance and refusal to accept record; wrongful filing; action to require secretary of state to accept record; personal liability; filing by regulated financial institution. |
| Section 440.9521 | Form and format of written initial financing statement and amendment. |
| Section 440.9522 | Maintenance and destruction of records. |
| Section 440.9523 | Request for acknowledgment of filing; duties of filing office; communication; medium; subscription; fee. |
| Section 440.9524 | Delay by filing office. |
| Section 440.9525 | Fee for filing and indexing record; other fees. |
| Section 440.9526 | Filing-office rules. |
| Section 440.9527 | Repealed. 2008, Act 383, Eff. Mar. 29, 2009. |
| 174-1962-9-6 | PART 6 DEFAULT (440.9601...440.9628) |
| 174-1962-9-6-1. | SUBPART 1. DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (440.9601...440.9624) |
| Section 440.9601 | Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. |
| Section 440.9602 | Waiver and variance of rights and duties. |
| Section 440.9603 | Agreement on standards concerning rights and duties. |
| Section 440.9604 | Procedure if security agreement covers real property or fixtures. |
| Section 440.9605 | Unknown debtor or secondary obligor. |
| Section 440.9606 | Time of default for agricultural lien. |
| Section 440.9607 | Collection and enforcement by secured party. |
| Section 440.9608 | Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. |
| Section 440.9609 | Secured party's right to take possession after default. |
| Section 440.9610 | Disposition of collateral after default. |
| Section 440.9611 | Notification before disposition of collateral. |
| Section 440.9612 | Timeliness of notification before disposition of collateral. |
| Section 440.9613 | Contents and form of notification before disposition of collateral; generally. |
| Section 440.9614 | Contents and form of notification before disposition of collateral; consumer-goods transaction. |
| Section 440.9615 | Application of proceeds of disposition; liability for deficiency and right to surplus. |
| Section 440.9616 | Explanation of calculation of surplus or deficiency. |
| Section 440.9617 | Rights of transferee of collateral. |
| Section 440.9618 | Rights and duties of certain secondary obligors. |
| Section 440.9619 | Transfer of record or legal title. |
| Section 440.9620 | Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. |
| Section 440.9621 | Notification of proposal to accept collateral. |
| Section 440.9622 | Effect of acceptance of collateral. |
| Section 440.9623 | Right to redeem collateral. |
| Section 440.9624 | Waiver. |
| 174-1962-9-6-2. | SUBPART 2. NONCOMPLIANCE WITH ARTICLE (440.9625...440.9628) |
| Section 440.9625 | Remedies for secured party's failure to comply with article. |
| Section 440.9626 | Action in which deficiency or surplus is in issue. |
| Section 440.9627 | Determination of whether conduct was commercially reasonable. |
| Section 440.9628 | Nonliability and limitation on liability of secured party; liability of secondary obligor. |
| 174-1962-9-7 | PART 7 TRANSITION (440.9701...440.9709) |
| Section 440.9701 | “This amendatory act” defined. |
| Section 440.9702 | Savings clause. |
| Section 440.9703 | Security interest perfected before effective date. |
| Section 440.9704 | Security interest unperfected before effective date. |
| Section 440.9705 | Effectiveness of action taken before effective date. |
| Section 440.9706 | When initial financing statement suffices to continue effectiveness of financing statement. |
| Section 440.9707 | Pre-effective-date financing statement. |
| Section 440.9708 | Persons entitled to file initial financing statement or continuation statement. |
| Section 440.9709 | Priority. |
| 174-1962-9-8 | PART 8 TRANSITION PROVISIONS FOR 2010 AMENDMENTS (440.9801...440.9809) |
| Section 440.9801 | Definitions. |
| Section 440.9802 | Applicability; scope. |
| Section 440.9803 | Perfected security interest before effective date of amendatory act. |
| Section 440.9804 | Unperfected security interest before effective date of amendatory act. |
| Section 440.9805 | Filing of financing statement or continuation statement before effective date of amendatory act. |
| Section 440.9806 | Continuation of effectiveness of pre-effective-date financing statement; filing of initial financing statement. |
| Section 440.9807 | Amending information in pre-effective-date financing statement; filing termination statement. |
| Section 440.9808 | Filing initial financing statement or continuation statement; conditions. |
| Section 440.9809 | Priority of conflicting claims to collateral; establishment before effective date of amendatory act. |
| 174-1962-9-EFFECTIVE-DATE-AND-REPEALER | PART EFFECTIVE DATE AND REPEALER (440.9991...440.9994) |
| Section 440.9991 | Effective date of act; application to future transactions. |
| Section 440.9992 | Repeal. |
| Section 440.9993 | Saving clause. |
| Section 440.9994 | Effect of Article 7. |
| 174-1962-11 | ARTICLE 11 EFFECTIVE DATE AND PROVISIONS FOR TRANSITION TO AMENDATORY ACT (440.11101...440.11102) |
| Section 440.11101 | Repealed. 2012, Act 88, Eff. July 1, 2013. |
| Section 440.11102 | Repealed. 2012, Act 88, Eff. July 1, 2013. |