Michigan

440.1101 Uniform commercial code; short title of act; heading of article.

440.1102 Applicability of articles.

440.1103 Construction of act.

440.1104 Construction of act as to implied repeal by subsequent legislation.

440.1105 Repealed.

440.1106 Meanings.

440.1107 Repealed.

440.1108 Electronic signatures.

440.1201 Definitions.

440.1202 Definitions.

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 unde

440.1204 Value for rights.

440.1205 Time for taking action.

440.1206 Presumption.

440.1207 Repealed.

440.1208 Repealed.

440.1209 Repealed.

440.1210 Repealed.

440.1211 Repealed.

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

440.1302 Agreements; "unless otherwise agreed"; implication.

440.1303 Course of performance, course of dealing, or usage of trade.

440.1304 Good faith obligation.

440.1305 Administration of remedies; enforcement of right or obligation.

440.1306 Claim or right arising out of alleged breach; discharge.

440.1307 Prima facie evidence of certain documents.

440.1308 Performance or promise of performance; effect of reservation of rights; applicability of subsection (1) to accord and satisfaction.

440.1309 Accelerating payment or performance or requiring collateral or additional collateral.

440.1310 Subordination.

440.2101 Uniform commercial code—sales; short title.

440.2102 Application of article; security and other transactions excluded.

440.2103 Article 2; definitions.

440.2104 “Merchant," “financing agency,” and “between merchants” defined.

440.2105 Goods, lot, commercial unit; definitions.

440.2106 Contract, agreement, contract for sale, sale, present sale; definitions of certain terms.

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 pa

440.2201 Formal requirements; statute of frauds.

440.2202 Final written expression of agreement; parol or extrinsic evidence.

440.2203 Seals.

440.2204 Contract for sale; formation, conduct, time, open terms.

440.2205 Firm offers.

440.2206 Offer and acceptance in formation of contract.

440.2207 Additional or different terms in acceptance; contract by conduct.

440.2208 Repealed.

440.2209 Modification; rescission; waiver, retraction.

440.2210 Delegation of performance; assignment of rights.

440.2301 Obligations of seller and buyer.

440.2302 Unconscionable contract or clause.

440.2303 Allocation or division of risk or burden.

440.2304 Price; payment in money, goods, realty, or otherwise.

440.2305 Open price term; fixed price.

440.2306 Output of seller; requirement of buyer; exclusive dealing.

440.2307 Delivery in single lot or several lots; payment.

440.2308 Place for delivery of goods and documents of title.

440.2309 Time of performance; contract termination.

440.2310 Open time and place for payment or running of credit; shipment under reservation; inspection.

440.2311 Specification of performance; assortment and shipment of goods; remedies.

440.2312 Warranties of title; freedom from liens.

440.2313 Creation of express warranties by seller.

440.2313b Express warranty; extension; merchant or warrantor to give purchaser writing stating time period.

440.2314 Implied warranty; merchantability, course of dealing, usage of trade.

440.2315 Implied warranty; fitness for particular purpose.

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 merch

440.2317 Warranties; cumulation and conflict.

440.2318 Warranties; third party beneficiaries.

440.2319 F.O.B. and F.A.S. terms.

440.2320 C.I.F. and C. & F. terms.

440.2321 C.I.F. and C. & F. terms, net landed weights, delivered weights, out turn; warranty of condition on arrival, inspection before payment.

440.2322 Delivery exship.

440.2323 Overseas shipment; bill of lading, form.

440.2324 No arrival, no sale terms.

440.2325 Letter of credit or banker's credit; confirmed credit; definitions.

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 sal

440.2327 Sale on approval; sale or return; special incidents.

440.2328 Sale by auction; sale with reserve; forced sale.

440.2401 Passing of title; reservation for security; limited application of section; rejection; revesting.

440.2402 Rights of seller's creditors against sold goods.

440.2403 Purchasers and transferees; title, rights, and powers to transfer goods; entrusting.

440.2501 Special property and insurable interest in goods; identification of goods.

440.2502 Special property and insurable interest in goods.

440.2503 Tender of delivery by seller; shipment; destination; goods in possession of bailee; documents.

440.2504 Delivery by shipment; contract with carrier, documents, notice.

440.2505 Shipment with and without reservation by seller.

440.2506 Financing agency; rights; reimbursement.

440.2507 Tender of delivery; conditions, payment.

440.2508 Improper delivery; cure, replacement.

440.2509 Risk of loss; absence of breach.

440.2510 Risk of loss; effect of breach.

440.2511 Payment by buyer; tender, check.

440.2512 Payment by buyer; inspection, nonconforming goods.

440.2513 Inspection by buyer; time, expenses, place, method.

440.2514 Documents; delivery to drawee on acceptance or payment.

440.2515 Adjustment of dispute; preservation of evidence, inspection.

440.2601 Improper delivery; buyer's rights.

440.2602 Rejection of goods.

440.2603 Rejection of goods; merchant buyer's duties.

440.2604 Rejection of goods; buyer's options.

440.2605 Rejection of goods; failure of buyer to particularize defect.

440.2606 Acceptance of goods; occurrence.

440.2607 Acceptance of goods; effect; notice of breach; burden of establishing breach; notice of claim or litigation to person answerable.

440.2608 Acceptance of goods; revocation, time, notice, effect.

440.2609 Contract for sale; performance; insecurity, demand, assurance of due performance.

440.2610 Anticipatory repudiation.

440.2611 Anticipatory repudiation; retraction.

440.2612 Installment contract; breach.

440.2613 Casualty to identified goods; total loss; partial loss, option of buyer.

440.2614 Substituted performance; acceptance, payment.

440.2615 Failure of presupposed conditions; nondelivery, partial delivery, excuse.

440.2616 Procedure on notice claiming excuse.

440.2701 Collateral or ancillary contracts; remedies for breach.

440.2702 Insolvency of buyer; remedies of seller.

440.2703 Buyer's wrongful rejection, revocation of acceptance, or nonpayment; remedies of seller.

440.2704 Buyer's wrongful rejection, revocation of acceptance, or nonpayment; identification of goods; resale; salvage.

440.2705 Stoppage of delivery in transit or otherwise; conditions; notice to bailee.

440.2706 Buyer's wrongful rejection, revocation of acceptance, or nonpayment; resale by seller; recovery of loss; notice to buyer; profit.

440.2707 Person in the position of a seller.

440.2708 Nonacceptance or repudiation; seller's damages.

440.2709 Nonpayment; action for price, damages.

440.2710 Seller's incidental damages.

440.2711 Nondelivery, repudiation, rejection, or revocation of acceptance; buyer's remedies; security interest in goods.

440.2712 Cover; procurement of substitute goods; buyer's damages.

440.2713 Nondelivery or repudiation; buyer's damages.

440.2714 Accepted goods; buyer's damages for breach.

440.2715 Buyer's incidental and consequential damages.

440.2716 Specific performance; replevin; claim and delivery.

440.2717 Deduction of damages from price; notice.

440.2718 Liquidation and limitation of damages; restitution to buyers.

440.2719 Contractual modification or limitation of remedies.

440.2720 Cancellation, rescission, antecedent breach.

440.2721 Remedies for misrepresentation or fraud.

440.2722 Right of action against third party for injury to goods.

440.2723 Evidence of market price; time, place, surprise.

440.2724 Evidence of market price; market quotations, admissibility.

440.2725 Statute of limitations in contracts for sale; contractual reduction.

440.2801 Short title.

440.2802 Applicability of article.

440.2803 Definitions; sections; principles of construction and interpretation.

440.2804 Lease requirements; compliance with applicable statutes; effect of noncompliance with applicable statute.

440.2805 Certificate of title statute; compliance; applicable law.

440.2806 Choice of law; judicial forum.

440.2807 Discharge of claim or right without consideration.

440.2808 Unconscionable contract, clause, or conduct.

440.2809 Power to accelerate payment or performance or require collateral; good faith.

440.2810 Motor vehicle or trailer; transaction creating sale or security interest.

440.2851 Lease contract; enforcement by action or defense; conditions; sufficiency of description or writing; determination of term.

440.2852 Final written expression; parol or extrinsic evidence.

440.2853 Effect of seal affixed to writing.

440.2854 Lease contract; sufficiency to show agreement; conduct; open terms.

440.2855 Firm offer; assurances to hold offer open.

440.2856 Offer to make lease contract; manner of acceptance; lapse.

440.2857 Repealed.

440.2858 Lease agreement; modification or rescission; waiver; retraction.

440.2859 Supply contract; extension of benefits of supplier promises and of warranties to lessee; limitations; effect of modification or rescission; retention of rights.

440.2860 Express warranties; creation.

440.2861 Warranty against claim or interest in goods; claim by way of infringement; specifications furnished by lessee.

440.2862 Implied warranty of merchantability; other implied warranties.

440.2863 Implied warranty of fitness for a particular purpose.

440.2864 Limiting, negating, excluding, or modifying warranties; construction of words or conduct.

440.2865 Inconsistent warranties; intent; rules of construction.

440.2866 Warranty; extension to persons in family, household, or to guest; exclusion, modification, or limitation.

440.2867 Lease contract; identification of goods; absence of explicit agreement.

440.2868 Lease contract; insurable interest in goods.

440.2869 Risk of loss; passage to lessee.

440.2870 Risk of loss; repudiation; default.

440.2871 Casualty to identified goods before delivery or risk of loss passes.

440.2901 Lease contract; enforcement.

440.2902 Applicability of article; title or possession.

440.2903 Security interest; creation; transfer; limitations; rights and remedies; delegation of duties or performance; liability; prohibition.

440.2904 Transfer from lessor to subsequent lessee; power; obtaining rights in ordinary course of business; entrustment; certificate of title.

440.2905 Transfer from lessee to buyer or sublessee; power; rights; buyer in ordinary course of business; entrustment; certificate of title.

440.2906 Materials or services provided with respect to goods subject to lease contract; lien; priority; exception.

440.2907 Creditor of lessee; rights; taking leasehold interest subject to security interest.

440.2908 Creditor of lessor or seller; lease or sale contract treated as void; fraudulent retention or possession of goods; security for preexisting claim.

440.2909 Definitions; lease of fixtures; priority of security interests; right to remove goods; reimbursement; perfection by filing financing statement as fixture filing.

440.2910 Goods as accessions; priority of interests; right to remove goods; reimbursement.

440.2911 Subordination by agreement.

440.2931 Lease contract; demanding adequate assurance of due performance; repudiation; determination of adequacy; acceptance of nonconforming delivery or payment.

440.2932 Repudiation of lease contract.

440.2933 Retraction of repudiation.

440.2934 Substituted performance; tender and acceptance; failure of payment due to government regulation.

440.2935 Substituted performance; delay or nondelivery; allocating production and deliveries; notification.

440.2936 Notification by lessor of delay or allocation; rights of lessee; lapse of lease contract.

440.2937 Finance lease other than consumer lease; effect of lessee's promises; acceptance of goods by lessee; enforcement; validity.

440.2951 Default; rights and remedies; self-help; enforcement covering real property and goods.

440.2952 Notice of default or enforcement.

440.2953 Default; rights and remedies provided in lease agreement; optional remedies; liquidation, limitation, alteration or exclusion of consequential damages; collatera

440.2954 Liquidation of damages; reasonableness; restitution; setoff.

440.2955 Cancellation or termination of lease contract; discharge of executory obligations; material misrepresentation or fraud; rescission, rejection, or return of goods

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 bef

440.2957 Damages based on market rent.

440.2958 Default by lessor; rights and remedies; breach of warranty; security interest for rent, security, and expenses; deduction of damages from rent due.

440.2959 Failure of goods or tender or delivery to conform to lease contract; rights of lessee; effectiveness of rejection of goods.

440.2960 Installment lease contract; rejecting nonconforming delivery; conditions requiring acceptance; reinstatement of lease contract.

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.

440.2962 Rejection of goods in lessee's possession; rights and obligations of lessee.

440.2963 Rejection of goods before expiration of time for performance; rights of lessor or supplier.

440.2964 Rejection of goods; failure of lessee to state particular defect or reserve rights when paying consideration against documents; effect.

440.2965 Acceptance of goods; opportunity to inspect; conduct; accepting part of unit.

440.2966 Acceptance of goods; rent; revocation prohibited; exception; acceptance of tender; effect of suit against lessee for breach of warranty or other obligation; infr

440.2967 Revoking acceptance of nonconforming lot or commercial unit; conditions; notification; rights and duties of lessee.

440.2968 Default by lessor; cover; damages.

440.2969 Nondelivery or repudiation by lessor; rejection or revocation of acceptance by lessee; damages; measure of damages for market rent, nonconforming tender or deliv

440.2970 Default by lessor; incidental and consequential damages.

440.2971 Specific performance.

440.2972 Insolvency of lessor; recovery of conforming goods after receipt of first installment of rent and security.

440.2973 Wrongful rejection or revocation; failure to make payment; repudiation; default; rights of lessor; damages; cancellation of lease.

440.2974 Additional rights of lessor aggrieved under MCL 440.2973(1).

440.2975 Insolvency of lessee; refusal to deliver goods; possession, availability, or disposition of goods; proceeding without judicial process.

440.2976 Insolvency of lessee; stopping delivery of goods in possession of bailee; conditions; notification; liability for charges or damages; obligation of carrier.

440.2977 Default; disposition of goods; damages based on new lease agreement; rights of subsequent good faith buyer or lessee; accounting for profit.

440.2978 Retention or disposition of goods by lessor; damages.

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.

440.2980 Incidental damages.

440.2981 Third party causing injury.

440.2982 Additional damages.

440.3101 Short title; article.

440.3102 Scope; limitations; conflict of laws.

440.3103 Definitions; principles of construction.

440.3104 Additional definitions.

440.3105 “Issue” and “issuer” defined; effect of unissued or conditionally issued instrument.

440.3106 Unconditional status of promise or order.

440.3107 Payment in foreign money.

440.3108 Instrument payable on demand, at definite time, or at fixed date.

440.3109 Promise or order; payable on demand; payable at definite time; instrument payable at fixed date.

440.3110 Determination of person payable; intent; signature by automated means; determining holder; instrument payable to 2 or more persons.

440.3111 Place of payment.

440.3112 Interest.

440.3113 Instrument antedated, postdated, or undated.

440.3114 Instrument; contradictory terms.

440.3115 Incomplete instrument; definition; enforcement; alteration; burden.

440.3116 Joint and several liability.

440.3117 Obligation modified, supplemented, or nullified by separate agreement.

440.3118 Action to enforce obligation; commencement; time period; other actions.

440.3119 Notice of litigation to answerable third party.

440.3120-440.3122 Repealed.

440.3201 Negotiation; definition; transfer of possession.

440.3202 Negotiation; effective although subject to rescission or other remedies.

440.3203 Transfer of instrument; delivery; rights of transferee; effect of transfer of less than entire instrument.

440.3204 “Endorsement” and “endorser” defined; transfer of security interest effective as unqualified endorsement; instrument payable to name other than holder.

440.3205 Special endorsement; blank endorsement; conversion; “anomalous endorsement” defined.

440.3206 Endorsement; limitation; condition; words indicating collection by bank; endorsee as agent, trustee, or other fiduciary; purchaser as holder in due course; excep

440.3207 Instrument; reacquisition.

440.3208 Repealed.

440.3301 Instrument; person entitled to enforce.

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.

440.3303 Instrument issued or transferred for value; consideration.

440.3304 Instruments payable on demand or payable at definite time as overdue; conditions.

440.3305 Right to enforce obligation; defenses or claims available; statement; section subject to other law.

440.3306 Instrument; person subject to claim of property or possessory right.

440.3307 Fiduciary duty; breach.

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.

440.3309 Enforcement of instrument in which loss of possession occurred.

440.3310 Certified check, cashier's check, or teller's check; discharge; note or uncertified check; suspension of obligation; other instruments.

440.3311 Discharge; tender as full satisfaction of claim.

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

440.3401 Liability; signature.

440.3402 Liability of parties; signature by authorized representative.

440.3403 Unauthorized signature; effect.

440.3404 Imposter; inducing issuance of instrument; endorsement in name of payee; failure to exercise ordinary care.

440.3405 Definitions; fraudulent endorsement by employee or person acting in concert with employee.

440.3406 Failure to exercise ordinary care contributing to alteration or forged instrument; allocation of loss; burden of proof.

440.3407 Alteration; definition; discharge of party affected; enforcement of rights.

440.3408 Check or draft; operation as assignment.

440.3409 Acceptance of draft; definition; operation; “certified check” defined; refusal to certify.

440.3410 Acceptance varying from terms of draft.

440.3411 Obligated bank; definition; refusal to pay check; expenses or damages not recoverable.

440.3412 Note, cashier's check, or other draft; obligation of issuer to pay according to terms.

440.3413 Draft; obligation to pay according to terms; amount.

440.3414 Applicability of section; unaccepted draft; dishonor; payment according to terms; acceptance by bank; discharge of drawer; obligation of drawer if acceptor not b

440.3415 Dishonored instrument; obligation and liability of endorser.

440.3416 Transfer of instrument for consideration; endorsement; warranties.

440.3417 Presentment of unaccepted or dishonored draft; rights of parties.

440.3418 Payment or acceptance by mistake.

440.3419 Accommodation parties.

440.3420 Conversion.

440.3501 Presentment; definition; manner; rights of party to whom presentment is made.

440.3502 Notes and drafts; dishonor.

440.3503 Notice of dishonor; manner; sufficiency; time periods.

440.3504 Presentment, notice of dishonor, or delay in giving notice of dishonor; conditions for excuse.

440.3505 Admissible evidence creating presumption of dishonor; protest.

440.3506-440.3511 Repealed.

440.3601 Discharge; effect against holder in due course.

440.3602 Discharge; payment; "signed" defined.

440.3603 Tender of payment; effect; refusal of tender as discharge; interest; obligor ready and able to pay on due date.

440.3604 Discharge by intentional voluntary act; canceling or striking out endorsement; "signed" defined.

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;

440.3606 Repealed.

440.3701 Repealed.

440.3801-440.3805 Repealed.

440.4101 Uniform commercial code—bank deposits and collections; short title.

440.4102 Conflict of laws; provisions applicable.

440.4103 Variation by agreement; measure of damages; action constituting ordinary care.

440.4104 Definitions used in article.

440.4105 Additional definitions.

440.4106 “Payable through” and “payable at” explained; bank as collecting bank.

440.4107 Bank branch or separate office as separate bank.

440.4108 Time of receipt of items.

440.4109 Collecting bank; waiving, modifying, or extending time limits; excuse for delay.

440.4110 “Agreement for electronic presentment” defined; presentment notice.

440.4111 Commencement of action under article; time period.

440.4201 Agency status of banks; provisional status of credits; applicability of article; endorsement with pay any bank.

440.4202 Collecting bank; duties; exercising ordinary care; liability.

440.4203 Collecting bank; instructions from transferor.

440.4204 Collecting bank; methods of sending items; presentment.

440.4205 Depositary bank; item delivered by customer for collection.

440.4206 Transfer between banks.

440.4207 Warranties of customer and collecting bank on transfer of items; accrual of cause of action.

440.4208 Presentment of unaccepted or dishonored draft; warranties of person obtaining payment and prior transferor; discharge; accrual of cause of action.

440.4209 Electronic presentment; encoding of information and retaining items; warranties; recovery of damages, expenses, and loss of interest.

440.4210 Security interest of collecting bank in items, accompanying documents, or proceeds.

440.4211 Bank with security interest as holder in due course.

440.4212 Presentment by notice of item not payable by, through, or at a bank; treating item as dishonored.

440.4213 Settlement; medium and time.

440.4214 Right to charge-back or refund.

440.4215 Final payment of items by payor bank; final credit; availability of credit for withdrawal.

440.4216 Payor or collecting bank; suspension of payments.

440.4301 Demand items; recovery of settlement; time of dishonor; return of items.

440.4302 Payor bank; accountability upon presentment and receipt of item; defenses.

440.4303 Payor bank; items subject to knowledge notice, stop-payment order, legal process, or setoff; order in which times may be handled.

440.4401 Payor bank; charge against customer's account.

440.4402 Payor bank; wrongful dishonor; liability to customer; determination of account balance.

440.4403 Customer's right to stop payment; lapse and renewal; burden of proof of loss.

440.4404 Payment of checks more than 6 months old.

440.4405 Death or incompetence of customer.

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; fa

440.4407 Improper payment; subrogation of payor bank.

440.4501 Documentary draft; presentment, notice of dishonor.

440.4502 Documentary draft; presentment on arrival of goods, refusal for non-arrival; notice to transferor.

440.4503 Documentary draft; responsibility of presenting bank for documents and goods; report of reasons for dishonor; referees; expenses.

440.4504 Documentary draft; presenting bank's right to deal with goods; lien for expenses.

440.4601 Short title.

440.4602 Applicability of article.

440.4603 Definitions; instruction as a separate payment order; issuance of payment order.

440.4604 Definitions.

440.4605 Definitions; sections where other definitions appear.

440.4606 Payment order or communication canceling or amending payment order; determining time of receipt.

440.4607 Regulations of federal reserve system as superseding article.

440.4608 Applicability of article to certain funds transfer; inconsistency; "electronic fund transfer act" defined.

440.4701 “Security procedure” defined.

440.4702 Authorized payment order; verification by security procedure; determination of commercial reasonableness; “sender” defined; applicability of section to amendment

440.4703 Payment order effective pursuant to MCL 440.4702; application of rules; applicability of section to amendments of payment orders.

440.4704 Receiving bank; acceptance of unauthorized or nonenforceable payment; refund; interest; recovery; reasonable time fixed by agreement; agreement to vary obligatio

440.4705 Erroneous payment order; duty and liability of sender upon notification from receiving bank; applicability of section to amendments to payment orders.

440.4706 Transmitting payment order to funds-transfer system or other third-party communication system; system as agent; effect of discrepancy; applicability of section.

440.4707 Payment order; identification of beneficiary; nonexistent or unidentifiable person or account; name and number identifying different persons; inconsistent identi

440.4708 Payment order; identification of intermediary or beneficiary bank; rules.

440.4709 Acceptance of payment order.

440.4710 Rejection of payment order.

440.4711 Communication by sender canceling or amending payment order; method of transmission; effectiveness; liability of sender for loss and expenses; revocation by deat

440.4712 Receiving bank; failure to accept payment order; liability for breach of agreement to accept payment order.

440.4801 Execution of payment order; “execution date” defined.

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 firs

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 t

440.4804 Notification from receiving bank of erroneously executed payment order; duties of sender; obligation to pay interest; recovery by bank prohibited.

440.4805 Receiving bank; payment delay; interest; liability to originator for expenses resulting from improper execution; recovery of damages; failure to execute pursuant

440.4901 “Payment date” defined.

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

440.4903 Sender's obligation under MCL 440.4902 to pay receiving bank; payment requirements; final settlement; satisfaction of sender's payment obligation.

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; re

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

440.4906 Originator of funds transfer; conditions for payment to beneficiary; satisfaction and discharge of obligation; determination; rights varied by agreement.

440.4951 Rights and obligations of party to funds transfer varied by agreement of affected party; “funds-transfer system rule” defined.

440.4952 “Creditor process” defined and explained.

440.4953 Powers of court with respect to funds transfer.

440.4954 Receiving bank; authority to charge sender's account; credits.

440.4955 Customer objection to payment; notification required.

440.4956 Receiving bank; determination of interest payable.

440.4957 Rights and obligations of parties; application of choice of law.

440.5101 Uniform commercial code—letters of credit; short title of article.

440.5102 Definitions.

440.5103 Letters of credit; scope of article.

440.5104 Issuance; authentication.

440.5105 Consideration.

440.5106 Credit; issuance; enforcement; revocation; expiration.

440.5107 Confirmation; rights and obligations; request to advise; notice to transferee beneficiary.

440.5108 Honoring or dishonoring presentation.

440.5109 Forged or fraudulent document; injunction; findings of court.

440.5110 Warranties on presentment or transfer.

440.5111 Wrongful dishonor, repudiation, or breach; rights of claimant or applicant; liability of issuer, nominated person, or adviser; attorney fees; liquidated damages.

440.5112 Right to draw or demand performance under letter of credit; transfer.

440.5113 Rights of successor beneficiary.

440.5114 Proceeds of letter of credit.

440.5115 Commencement of action.

440.5116 Jurisdiction; forum.

440.5117 Rights of subrogation.

440.5118 Document presented under letter of credit; security interest of issuer or nominated person.

440.6101-440.6111 Repealed.

440.7101 Uniform commercial code—documents of title; short title of article.

440.7102 Uniform commercial code; documents of title; definitions.

440.7103 Article subject to governmental treaty, statute, or regulatory statute; electronic signatures.

440.7104 Negotiable and nonnegotiable warehouse receipt, bill of lading, or other document of title.

440.7105 Tangible document of title as substitute for electronic document; electronic document title as substitute for tangible document of title; conditions.

440.7106 Person having control of electronic document.

440.7201 Warehouse receipt; issuance; storage under government bond.

440.7202 Terms of receipt; form; contrary provisions.

440.7203 Liability for nonreceipt or misdescription.

440.7204 Duty of care; contractual limitation of warehouse liability; provisions as to time and manner of presenting claims and commencing actions.

440.7205 Fungible goods; buyer's title.

440.7206 Termination of storage at warehouse's option; removal or sale; notice; delivery; satisfaction of lien.

440.7207 Separation of goods; commingling of fungible goods; overissued receipts.

440.7208 Alteration of warehouse receipts.

440.7209 Warehouse's lien; security interest; "household goods" defined; loss of lien.

440.7210 Warehouse's lien; enforcement procedure; liability for noncompliance.

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'

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 issue

440.7303 Diversion; reconsignment; change of instructions.

440.7304 Bills of lading in set of parts.

440.7305 Destination and substitute bills.

440.7306 Altered bills of lading.

440.7307 Carrier's lien.

440.7308 Carrier's lien; enforcement; procedure; liability for noncompliance.

440.7309 Carrier's duty of care; contractual provisions as to liability.

440.7401 Irregularities in issue of document of title.

440.7402 Duplicate document of title; overissue.

440.7403 Delivery; exceptions; satisfaction of bailee's lien; cancellation or indication of partial delivery.

440.7404 Bailee's delivery in good faith according to document of title.

440.7501 Negotiable document of title; indorsement; notice of arrival.

440.7502 Negotiation; rights acquired.

440.7503 Documents of title to goods; defeat in certain cases.

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

440.7505 Documents of title; liability of indorser.

440.7506 Documents of title; delivery without indorsement; right to have indorsement supplied.

440.7507 Documents of title; warranties on negotiation or delivery for value.

440.7508 Documents of title; warranties of collecting bank.

440.7509 Documents of title; adequacy as contract for sale, lease, or conditions of a credit.

440.7601 Lost, stolen, or destroyed documents of title; delivery of goods or issuance of substitute document; indemnity.

440.7602 Judicial process; surrender of document of title; purchaser for value.

440.7603 Conflicting claims; interpleader.

440.7701 Applicability of amendatory act.

440.7702 Document of title issued or bailment that arises before effective date of amendatory act.

440.8101 Uniform commercial code—investment securities; cited as.

440.8102 Definitions.

440.8103 Share or equity interest as security; "investment company security" defined; interest in partnership or limited liability company as security or financial asset;

440.8104 Security or interest in security; financial asset; security entitlement; acquisition; placing security or financial asset in possession of another person.

440.8105 Notice of adverse claim.

440.8106 Certificated security in bearer form; certificated security in registered form; uncertificated security; security entitlement; control; agreement by issuer or se

440.8107 “Appropriate person” defined; effectiveness of indorsement, instruction, or entitlement order.

440.8108 Warranty to purchaser.

440.8109 Warranty to securities intermediary.

440.8110 Jurisdiction.

440.8111 Rule adopted by clearing corporation; effect.

440.8112 Reaching interest of debtor.

440.8113 Sale or purchase of security; enforcement of contract or contract modification.

440.8114 Action on certificated security against issuer; rules.

440.8115 Transferring or dealing with financial asset; liability of securities intermediary, broker, or agent.

440.8116 Securities intermediary as purchaser for value of financial asset; acquisition of security entitlement for value.

440.8201 “Issuer” defined.

440.8202 Terms of security; effect of defect going to validity of security; rules; defenses; right of party to cancel contract.

440.8203 Conditions to charging purchaser with notice of defect.

440.8204 Restriction on transfer of security.

440.8205 Unauthorized signature.

440.8206 Completion or alteration of security certificate.

440.8207 Rights of issuer or indenture trustee with respect to registered owner.

440.8208 Warranty of person signing security certificate.

440.8210 Overissue.

440.8301 Delivery of certificated or uncertificated security to purchaser.

440.8302 Purchaser of security; rights acquired.

440.8303 “Protected purchaser” defined.

440.8304 Indorsement.

440.8305 Initiation or origination of instruction; completion; reliance; assumption of obligations.

440.8306 Warranties generally.

440.8307 Transfer of security on due demand; supplying requisite necessary to obtain registration; effect of noncompliance.

440.8308-440.8321 Repealed.

440.8401 Registration of transfer; duty and liability of issuer.

440.8402 Indorsement as genuine and authorized; assurance; definitions.

440.8403 Demand; effect; notification; period of time; liability of issuer.

440.8404 Liability of issuer for wrongful registration or transfer.

440.8405 Lost, destroyed, or wrongfully taken securities.

440.8406 Lost, destroyed, or wrongfully taken security certificate; failure to notify issuer.

440.8407 Authenticating trustee, transfer agent, registrar, or other agent; obligation to holder or owner of certificate.

440.8408 Repealed.

440.8501 “Securities account” defined; acquisition of security entitlement; conditions; directly held financial asset; issuance not as security entitlement.

440.8502 Action based on adverse claim.

440.8503 Entitlement holder property interest.

440.8504 Maintenance of financial asset by securities intermediary; quantity; manner; limitation; duties; applicability to clearing corporation.

440.8505 Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary.

440.8506 Duty of securities intermediary to exercise rights with respect to financial asset; conditions.

440.8507 Compliance with entitlement order by securities intermediary; conditions; wrongful transfer of financial asset pursuant to ineffective entitlement order; liabili

440.8508 Changing security entitlement into another form of holding; transferring financial asset to securities account of entitlement holder; duties of securities interm

440.8509 Performance of duties by securities intermediary.

440.8510 Assertion of action based on adverse claim; prohibition; conditions; priority.

440.8511 Priority of claims.

440.8601 Action or proceeding commenced before act takes effect; security interest perfected at date act takes effect.

440.9101 Uniform commercial code—secured transactions; short title.

440.9102 Definitions and index of definitions.

440.9103 Purchase-money security interest; application of payments; burden of establishing.

440.9104 Control of deposit account.

440.9105 Control of electronic chattel paper.

440.9106 Control of investment property.

440.9107 Control of letter-of-credit right.

440.9108 Sufficiency of description.

440.9109 Scope.

440.9110 Security interests arising under article 2 or 2A.

440.9111 Repealed.

440.9112-440.9116 Repealed.

440.9201 General effectiveness of security agreement.

440.9202 Title to collateral immaterial.

440.9203 Attachment and enforcement of security interest; proceeds; supporting obligations; formal requisites.

440.9204 After-acquired property; future advances.

440.9205 Use or disposition of collateral permissible.

440.9206 Security interest arising in purchase or delivery of financial asset.

440.9207 Rights and duties of secured party having possession or control of collateral.

440.9208 Additional duties of secured party having control of collateral.

440.9209 Duties of secured party if account debtor has been notified of assignment.

440.9210 Request for accounting; request regarding list of collateral or statement of account.

440.9301 Law governing perfection and priority of security interests.

440.9302 Law governing perfection and priority of agricultural liens.

440.9303 Law governing perfection and priority of security interests in goods covered by certificate of title.

440.9304 Law governing perfection and priority of security interests in deposit accounts.

440.9305 Law governing perfection and priority of security interests in investment property.

440.9306 Law governing perfection and priority of security interests in letter-of-credit rights.

440.9307 "Place of business" defined; location of debtor.

440.9308 When security interest or agricultural lien is perfected; continuity of perfection.

440.9309 Security interest perfected upon attachment.

440.9310 When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply.

440.9311 Perfection of security interests in property subject to certain statutes, regulations, and treaties.

440.9312 Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit ri

440.9313 Possession by or delivery to secured party perfecting security interest without filing.

440.9314 Perfection by control.

440.9315 Secured party's rights on disposition of collateral and in proceeds.

440.9316 Continued perfection of security interest following change in governing law.

440.9317 Interests that take priority over or take free of unperfected security interest or agricultural lien.

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.

440.9319 Rights and title of consignee with respect to creditors and purchasers.

440.9320 Buyer of goods.

440.9321 Licensee of general intangible and lessee of goods in ordinary course of business.

440.9322 Priorities among conflicting security interests in and agricultural liens on same collateral.

440.9323 Future advances.

440.9324 Priority of purchase-money security interests.

440.9325 Priority of security interests in transferred collateral.

440.9326 Priority of security interests created by new debtor.

440.9327 Priority of security interests in deposit account.

440.9328 Priority of security interests in investment property.

440.9329 Priority of security interests in letter-of-credit right.

440.9330 Priority of purchaser of chattel paper or instrument.

440.9331 Priority of rights of purchasers of instruments, documents, and securities under other articles; priority of interests in financial assets and security entitleme

440.9332 Transfer of money; transfer of funds from deposit account.

440.9333 Priority of certain liens arising by operation of law.

440.9334 Priority of security interests in fixtures and crops.

440.9335 Accessions.

440.9336 Commingled goods.

440.9337 Priority of security interests in goods covered by certificate of title.

440.9338 Priority of security interests or agricultural lien perfected by filed financing statement providing certain incorrect information.

440.9339 Priority subject to subordination.

440.9340 Effectiveness of right of recoupment or setoff against deposit account.

440.9341 Bank's rights and duties with respect to deposit account.

440.9342 Bank's right to refuse to enter into or disclose existence of control agreement.

440.9401 Alienability of debtor's rights.

440.9402 Secured party not obligated on contract of debtor or in tort.

440.9403 Agreement not to assert defenses against assignee.

440.9404 Rights acquired by assignee; claims and defenses against assignee.

440.9405 Modification of assigned contract.

440.9406 Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment i

440.9407 Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest.

440.9408 Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective.

440.9408a Repealed.

440.9409 Restrictions on assignment of letter-of-credit rights ineffective.

440.9410 Repealed.

440.9501 Filing office.

440.9501a Fraudulent financing statement; affidavit; form; notice; termination of financing statement; filing fee; notice of termination; action to reinstate financing st

440.9502 Contents of financing statement; record of mortgage as financing statement; time of filing financing statement.

440.9503 Name of debtor and secured party; "name of the settlor or testator" defined.

440.9504 Indication of collateral.

440.9505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.

440.9506 Effect of errors or omissions.

440.9507 Effect of certain events on effectiveness of financing statement.

440.9508 Effectiveness of financing statement if new debtor becomes bound by security agreement.

440.9509 Persons entitled to file a record.

440.9510 Effectiveness of filing record.

440.9511 Secured party of record.

440.9512 Amendment of financing statement.

440.9513 Termination statement.

440.9514 Assignment of powers of secured party of record.

440.9515 Duration and effectiveness of financing statement; effect of lapsed financing statement; continuation statement; termination.

440.9516 Filing; requirements; communication of record with tender of filing fee; effectiveness.

440.9517 Effect of indexing errors.

440.9518 Information statement concerning inaccurate or wrongfully filed record.

440.9519 Numbering, maintaining, and indexing records; communicating information provided in records.

440.9520 Acceptance and refusal to accept record; wrongful filing; action to require secretary of state to accept record; personal liability; filing by regulated financia

440.9521 Form and format of written initial financing statement and amendment.

440.9522 Maintenance and destruction of records.

440.9523 Request for acknowledgment of filing; duties of filing office; communication; medium; subscription; fee.

440.9524 Delay by filing office.

440.9525 Fee for filing and indexing record; other fees.

440.9526 Filing-office rules.

440.9527 Repealed.

440.9601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.

440.9602 Waiver and variance of rights and duties.

440.9603 Agreement on standards concerning rights and duties.

440.9604 Procedure if security agreement covers real property or fixtures.

440.9605 Unknown debtor or secondary obligor.

440.9606 Time of default for agricultural lien.

440.9607 Collection and enforcement by secured party.

440.9608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.

440.9609 Secured party's right to take possession after default.

440.9610 Disposition of collateral after default.

440.9611 Notification before disposition of collateral.

440.9612 Timeliness of notification before disposition of collateral.

440.9613 Contents and form of notification before disposition of collateral; generally.

440.9614 Contents and form of notification before disposition of collateral; consumer-goods transaction.

440.9615 Application of proceeds of disposition; liability for deficiency and right to surplus.

440.9616 Explanation of calculation of surplus or deficiency.

440.9617 Rights of transferee of collateral.

440.9618 Rights and duties of certain secondary obligors.

440.9619 Transfer of record or legal title.

440.9620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.

440.9621 Notification of proposal to accept collateral.

440.9622 Effect of acceptance of collateral.

440.9623 Right to redeem collateral.

440.9624 Waiver.

440.9625 Remedies for secured party's failure to comply with article.

440.9626 Action in which deficiency or surplus is in issue.

440.9627 Determination of whether conduct was commercially reasonable.

440.9628 Nonliability and limitation on liability of secured party; liability of secondary obligor.

440.9701 “This amendatory act” defined.

440.9702 Savings clause.

440.9703 Security interest perfected before effective date.

440.9704 Security interest unperfected before effective date.

440.9705 Effectiveness of action taken before effective date.

440.9706 When initial financing statement suffices to continue effectiveness of financing statement.

440.9707 Pre-effective-date financing statement.

440.9708 Persons entitled to file initial financing statement or continuation statement.

440.9709 Priority.

440.9801 Definitions.

440.9802 Applicability; scope.

440.9803 Perfected security interest before effective date of amendatory act.

440.9804 Unperfected security interest before effective date of amendatory act.

440.9805 Filing of financing statement or continuation statement before effective date of amendatory act.

440.9806 Continuation of effectiveness of pre-effective-date financing statement; filing of initial financing statement.

440.9807 Amending information in pre-effective-date financing statement; filing termination statement.

440.9808 Filing initial financing statement or continuation statement; conditions.

440.9809 Priority of conflicting claims to collateral; establishment before effective date of amendatory act.

440.9991 Effective date of act; application to future transactions.

440.9992 Repeal.

440.9993 Saving clause.

440.9994 Effect of Article 7.

440.11101 Repealed.

440.11102 Repealed.