reglab/housing_qa huggingface dataset:
MI Comp L § 440.3117 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-1 - Part 1 General Provisions and Definitions (440.3101...440.3122)|Section 440.3117 - Obligation Modified, Supplemented, or Nullified by Separate Agreement.

440.3117 Obligation modified, supplemented, or nullified by separate agreement. Sec. 3117.  Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement. To the extent an obligation is modified, supplemented, or nullified by an agreement under this section, the agreement is a defense to the obligation. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3118 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-1 - Part 1 General Provisions and Definitions (440.3101...440.3122)|Section 440.3118 - Action to Enforce Obligation; Commencement; Time Period; Other Actions.

440.3118 Action to enforce obligation; commencement; time period; other actions. Sec. 3118.  (1) Except as provided in subsection (5), an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within 6 years after the due date or dates stated in the note or, if a due date is accelerated, within 6 years after the accelerated due date.   (2) Except as provided in subsection (4) or (5), if demand for payment is made to the maker of a note payable on demand, an action to enforce the obligation of a party to pay the note must be commenced within 6 years after the demand. If no demand for payment is made to the maker, an action to enforce the note is barred if neither principal nor interest on the note has been paid for a continuous period of 10 years.  (3) Except as provided in subsection (4), an action to enforce the obligation of a party to an unaccepted draft to pay the draft must be commenced within 3 years after dishonor of the draft or 10 years after the date of the draft, whichever period expires first.  (4) An action to enforce the obligation of the acceptor of a certified check or the issuer of a teller's check, cashier's check, or traveler's check must be commenced within 3 years after demand for payment is made to the acceptor or issuer.  (5) An action to enforce the obligation of a party to a certificate of deposit to pay the instrument must be commenced within 6 years after demand for payment is made to the maker, but if the instrument states a due date and the maker is not required to pay before that date, the 6-year period begins when a demand for payment is in effect and the due date has passed.  (6) An action to enforce the obligation of a party to pay an accepted draft, other than a certified check, must be commenced (i) within 6 years after the due date or dates stated in the draft or acceptance if the obligation of the acceptor is payable at a definite time, or (ii) within 6 years after the date of the acceptance if the obligation of the acceptor is payable on demand.  (7) Unless governed by other law regarding claims for indemnity or contribution, an action (i) for conversion of an instrument, for money had and received, or like action based on conversion, (ii) for breach of warranty, or (iii) to enforce an obligation, duty, or right arising under this article and not governed by this section must be commenced within 3 years after the cause of action accrues. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3119 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-1 - Part 1 General Provisions and Definitions (440.3101...440.3122)|Section 440.3119 - Notice of Litigation to Answerable Third Party.

440.3119 Notice of litigation to answerable third party.Sec. 3119.  In an action for breach of an obligation for which a third person is answerable over pursuant to this article or article 4, the defendant may give the third person notice of the litigation in a record, and the person notified may then give similar notice to any other person who is answerable over. If the notice states (i) that the person notified may come in and defend and (ii) that failure to do so will bind the person notified in an action later brought by the person giving the notice as to any determination of fact common to the 2 litigations, the person notified is so bound unless after seasonable receipt of the notice the person notified does come in and defend. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993 ;-- Am. 2014, Act 101, Imd. Eff. Apr. 10, 2014
MI Comp L § 440.3120-440.3122 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-1 - Part 1 General Provisions and Definitions (440.3101...440.3122)|Section 440.3120-440.3122 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993.

440.3120-440.3122 Repealed. 1993, Act 130, Eff. Sept. 30, 1993. Compiler's Notes: The repealed sections pertained to instruments payable through or at a bank, accrual of cause of action, and interest.
MI Comp L § 440.3201 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-2 - Part 2 Negotiation, Transfer, and Endorsement (440.3201...440.3208)|Section 440.3201 - Negotiation; Definition; Transfer of Possession.

440.3201 Negotiation; definition; transfer of possession. Sec. 3201.  (1) "Negotiation" means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder.  (2) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its endorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.  History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3202 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-2 - Part 2 Negotiation, Transfer, and Endorsement (440.3201...440.3208)|Section 440.3202 - Negotiation; Effective Although Subject to Rescission or Other Remedies.

440.3202 Negotiation; effective although subject to rescission or other remedies. Sec. 3202.  (1) Negotiation is effective even if obtained (i) from an infant, a corporation exceeding its powers, or a person without capacity, (ii) by fraud, duress, or mistake, or (iii) in breach of duty or as part of an illegal transaction.  (2) To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for rescission or other remedy. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3203 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-2 - Part 2 Negotiation, Transfer, and Endorsement (440.3201...440.3208)|Section 440.3203 - Transfer of Instrument; Delivery; Rights of Transferee; Effect of Transfer of Less Than Entire Instrument.

440.3203 Transfer of instrument; delivery; rights of transferee; effect of transfer of less than entire instrument. Sec. 3203.  (1) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument.  (2) Transfer of an instrument, whether or not the transfer is a negotiation, vests in the transferee any right of the transferor to enforce the instrument, including any right as a holder in due course, but the transferee cannot acquire rights of a holder in due course by a transfer, directly or indirectly, from a holder in due course if the transferee engaged in fraud or illegality affecting the instrument.  (3) Unless otherwise agreed, if an instrument is transferred for value and the transferee does not become a holder because of lack of endorsement by the transferor, the transferee has a specifically enforceable right to the unqualified endorsement of the transferor, but negotiation of the instrument does not occur until the endorsement is made.  (4) If a transferor purports to transfer less than the entire instrument, negotiation of the instrument does not occur. The transferee obtains no rights under this article and has only the rights of a partial assignee.  History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3204 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-2 - Part 2 Negotiation, Transfer, and Endorsement (440.3201...440.3208)|Section 440.3204 - “Endorsement” and “Endorser” Defined; Transfer of Security Interest Effective as Unqualified Endorsement; Instrument Payable to Name Other Than Holder.

440.3204 “Endorsement” and “endorser” defined; transfer of security interest effective as unqualified endorsement; instrument payable to name other than holder. Sec. 3204.  (1) "Endorsement" means a signature, other than that of a signer as maker, drawer, or acceptor, that alone or accompanied by other words is made on an instrument for the purpose of (i) negotiating the instrument, (ii) restricting payment of the instrument, or (iii) incurring endorser's liability on the instrument, but regardless of the intent of the signer, a signature and its accompanying words is an endorsement unless the accompanying words, terms of the instrument, place of the signature, or other circumstances unambiguously indicate that the signature was made for a purpose other than endorsement. For the purpose of determining whether a signature is made on an instrument, a paper affixed to the instrument is a part of the instrument.  (2) "Endorser" means a person who makes an endorsement.  (3) For the purpose of determining whether the transferee of an instrument is a holder, an endorsement that transfers a security interest in the instrument is effective as an unqualified endorsement of the instrument.   (4) If an instrument is payable to a holder under a name that is not the name of the holder, endorsement may be made by the holder in the name stated in the instrument or in the holder's name or both, but signature in both names may be required by a person paying or taking the instrument for value or collection. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3205 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-2 - Part 2 Negotiation, Transfer, and Endorsement (440.3201...440.3208)|Section 440.3205 - Special Endorsement; Blank Endorsement; Conversion; “Anomalous Endorsement” Defined.

440.3205 Special endorsement; blank endorsement; conversion; “anomalous endorsement” defined. Sec. 3205.  (1) If an endorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the endorsement identifies a person to whom it makes the instrument payable, it is a "special endorsement". When specially endorsed, an instrument becomes payable to the identified person and may be negotiated only by the endorsement of that person. The principles stated in section 3110 apply to special endorsements.   (2) If an endorsement is made by the holder of an instrument and it is not a special endorsement, it is a "blank endorsement". When endorsed in blank, an instrument becomes payable to bearer and may be negotiated by transfer of possession alone until specially endorsed.  (3) The holder may convert a blank endorsement that consists only of a signature into a special endorsement by writing, above the signature of the endorser, words identifying the person to whom the instrument is made payable.  (4) "Anomalous endorsement" means an endorsement made by a person who is not the holder of the instrument. An anomalous endorsement does not affect the manner in which the instrument may be negotiated. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3207 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-2 - Part 2 Negotiation, Transfer, and Endorsement (440.3201...440.3208)|Section 440.3207 - Instrument; Reacquisition.

440.3207 Instrument; reacquisition. Sec. 3207.  Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel endorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An endorser whose endorsement is canceled is discharged, and the discharge is effective against any subsequent holder. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3208 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-2 - Part 2 Negotiation, Transfer, and Endorsement (440.3201...440.3208)|Section 440.3208 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993.

440.3208 Repealed. 1993, Act 130, Eff. Sept. 30, 1993. Compiler's Notes: The repealed section pertained to reacquisition of instruments.
MI Comp L § 440.3301 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-3 - Part 3 Enforcement of Instruments (440.3301...440.3312)|Section 440.3301 - Instrument; Person Entitled to Enforce.

440.3301 Instrument; person entitled to enforce. Sec. 3301.  "Person entitled to enforce" an instrument means (i) the holder of the instrument, (ii) a nonholder in possession of the instrument who has the rights of a holder, or (iii) a person not in possession of the instrument who is entitled to enforce the instrument pursuant to section 3309 or 3418(4). A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3303 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-3 - Part 3 Enforcement of Instruments (440.3301...440.3312)|Section 440.3303 - Instrument Issued or Transferred for Value; Consideration.

440.3303 Instrument issued or transferred for value; consideration. Sec. 3303.  (1) An instrument is issued or transferred for value if any of the following apply:  (a) The instrument is issued or transferred for a promise of performance, to the extent the promise has been performed.  (b) The transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceeding.  (c) The instrument is issued or transferred as payment of, or as security for, an antecedent claim against any person, whether or not the claim is due.  (d) The instrument is issued or transferred in exchange for a negotiable instrument.  (e) The instrument is issued or transferred in exchange for the incurring of an irrevocable obligation to a third party by the person taking the instrument.  (2) "Consideration" means any consideration sufficient to support a simple contract. The drawer or maker of an instrument has a defense if the instrument is issued without consideration. If an instrument is issued for a promise of performance, the issuer has a defense to the extent performance of the promise is due and the promise has not been performed. If an instrument is issued for value as stated in subsection (1), the instrument is also issued for consideration. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3304 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-3 - Part 3 Enforcement of Instruments (440.3301...440.3312)|Section 440.3304 - Instruments Payable on Demand or Payable at Definite Time as Overdue; Conditions.

440.3304 Instruments payable on demand or payable at definite time as overdue; conditions. Sec. 3304.  (1) An instrument payable on demand becomes overdue at the earliest of the following times:  (a) On the day after the day demand for payment is duly made.  (b) If the instrument is a check, 90 days after its date.  (c) If the instrument is not a check, when the instrument has been outstanding for a period of time after its date which is unreasonably long under the circumstances of the particular case in light of the nature of the instrument and usage of the trade.  (2) With respect to an instrument payable at a definite time, the following rules apply:  (a) If the principal is payable in installments and a due date has not been accelerated, the instrument becomes overdue upon default under the instrument for nonpayment of an installment, and the instrument remains overdue until the default is cured.  (b) If the principal is not payable in installments and the due date has not been accelerated, the instrument becomes overdue on the day after the due date.  (c) If a due date with respect to principal has been accelerated, the instrument becomes overdue on the day after the accelerated due date.   (3) Unless the due date of principal has been accelerated, an instrument does not become overdue if there is default in payment of interest but no default in payment of principal. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3306 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-3 - Part 3 Enforcement of Instruments (440.3301...440.3312)|Section 440.3306 - Instrument; Person Subject to Claim of Property or Possessory Right.

440.3306 Instrument; person subject to claim of property or possessory right. Sec. 3306.  A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3307 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-3 - Part 3 Enforcement of Instruments (440.3301...440.3312)|Section 440.3307 - Fiduciary Duty; Breach.

440.3307 Fiduciary duty; breach. Sec. 3307.  (1) As used in this section:  (a) "Fiduciary" means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument.  (b) "Represented person" means the principal, beneficiary, partnership, corporation, or other person to whom the duty stated in subdivision (a) is owned.  (2) If (i) an instrument is taken from a fiduciary for payment or collection or for value, (ii) the taker has knowledge of the fiduciary status of the fiduciary, and (iii) the represented person makes a claim to the instrument or its proceeds on the basis that the transaction of the fiduciary is a breach of fiduciary duty, the following rules apply:  (a) Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented person.  (b) In the case of an instrument payable to the represented person or the fiduciary as such, the taker has notice of the breach of fiduciary duty if the instrument is (i) taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary, (ii) taken in a transaction known by the taker to be for the personal benefit of the fiduciary, or (iii) deposited to an account other than an account of the fiduciary, as such, or an account of the represented person.  (c) If an instrument is issued by the represented person or the fiduciary as such, and made payable to the fiduciary personally, the taker does not have notice of the breach of fiduciary duty unless the taker knows of the breach of fiduciary duty.  (d) If an instrument is issued by the represented person or the fiduciary as such, to the taker as payee, the taker has notice of the breach of fiduciary duty if the instrument is (i) taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary, (ii) taken in a transaction known by the taker to be for the personal benefit of the fiduciary, or (iii) deposited to an account other than an account of the fiduciary, as such, or an account of the represented person. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993