440.4211 Bank with security interest as holder in due course.
76 words·~1 min read·
/mi/chapter-440/440-4211A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
440.4211 Bank with security interest as holder in due course.
Sec. 4211.
For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of section 3302 on what constitutes a holder in due course.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993