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Code · Michigan · Chapter 440 — Uniform Commercial Code

440.3408 Check or draft; operation as assignment.

65 words·~1 min read·/mi/chapter-440/440-3408

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440.3408 Check or draft; operation as assignment.
Sec. 3408.
A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
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