reglab/housing_qa huggingface dataset:
MI Comp L § 440.4302 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-3 - Part 3 Collection of Items: Payor Banks (440.4301...440.4303)|Section 440.4302 - Payor Bank; Accountability Upon Presentment and Receipt of Item; Defenses.

440.4302 Payor bank; accountability upon presentment and receipt of item; defenses. Sec. 4302.  (1) If an item is presented on and received by a payor bank the bank is accountable for the amount of the following:  (a) A demand item other than a documentary draft whether properly payable or not if the bank, in any case where it is not also the depositary bank, retains the item beyond midnight of the banking day of receipt without settling for it or, regardless of whether it is also the depositary bank, does not pay or return the item or send notice of dishonor until after its midnight deadline.  (b) Any other properly payable item unless within the time allowed for acceptance or payment of that item the bank either accepts or pays the item or returns it and accompanying documents.  (2) The liability of a payor bank to pay an item pursuant to subsection (1) is subject to defenses based on breach of a presentment warranty (section 4208) or proof that the person seeking enforcement of the liability presented or transferred the item for the purpose of defrauding the payor bank. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4303 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-3 - Part 3 Collection of Items: Payor Banks (440.4301...440.4303)|Section 440.4303 - Payor Bank; Items Subject to Knowledge Notice, Stop-Payment Order, Legal Process, or Setoff; Order in Which Times May Be Handled.

440.4303 Payor bank; items subject to knowledge notice, stop-payment order, legal process, or setoff; order in which times may be handled.Sec. 4303.  (1) Any knowledge, notice, or stop-payment order received by, legal process served upon or setoff exercised by a payor bank comes too late to terminate, suspend, or modify the bank's right or duty to pay an item or to charge its customer's account for the item if the knowledge, notice, stop-payment order or legal process is received or served and a reasonable time for the bank to act thereon expires or the setoff is exercised after the earliest of the following:  (a) The bank accepts or certifies the item.  (b) The bank pays the item in cash.  (c) The bank settles for the item without having a right to revoke the settlement under statute, clearing-house rule or agreement.  (d) The bank becomes accountable for the amount of the item under section 4302 dealing with the payor bank's responsibility for late return of items.  (e) With respect to checks, a cutoff hour no earlier than 1 hour after the opening of the next banking day after the banking day on which the bank received the check and no later than the close of that next banking day or, if no cutoff hour is fixed, the close of the next banking day after the banking day on which the bank received the check.  (2) Subject to subsection (1) items may be accepted, paid, certified, or charged to the indicated account of its customer in any order. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4401 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|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.

440.4401 Payor bank; charge against customer's account. Sec. 4401.  (1) A bank may charge against the account of a customer an item that is properly payable from that account even though the charge creates an overdraft. An item is properly payable if it is authorized by the customer and is in accordance with any agreement between the customer and bank.  (2) A customer is not liable for the amount of an overdraft if the customer neither signed the item nor benefited from the proceeds of the item.  (3) A bank may charge against the account of a customer a check that is otherwise properly payable from the account, even though payment was made before the date of the check, unless the customer has given notice to the bank of the postdating describing the check with reasonable certainty. The notice is effective for the period stated in section 4403(2) for stop-payment orders, and must be received at such time and in such manner as to afford the bank a reasonable opportunity to act on it before the bank takes any action with respect to the check described in section 4303. If a bank charges against the account of a customer a check before the date stated in the notice of postdating, the bank is liable for damages for the loss resulting from its act. The loss may include damages for dishonor of subsequent items under section 4402.  (4) A bank that in good faith makes payment to a holder may charge the indicated account of its customer according to either of the following:   (a) The original terms of the altered item.  (b) The terms of the completed item, even though the bank knows the item has been completed unless the bank has notice that the completion was improper. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4402 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-4 - Part 4 Relationship Between Payor Bank and Its Customer (440.4401...440.4407)|Section 440.4402 - Payor Bank; Wrongful Dishonor; Liability to Customer; Determination of Account Balance.

440.4402 Payor bank; wrongful dishonor; liability to customer; determination of account balance. Sec. 4402.  (1) Except as otherwise provided in this article, a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, but a bank may dishonor an item that would create an overdraft unless it has agreed to pay the overdraft.  (2) A payor bank is liable to its customer for damages proximately caused by the wrongful dishonor of an item. Liability is limited to actual damages proved and may include damages for an arrest or prosecution of the customer or other consequential damages. Whether any consequential damages are proximately caused by the wrongful dishonor is a question of fact to be determined in each case.  (3) A payor bank's determination of the customer's account balance on which a decision to dishonor for insufficiency of available funds is based may be made at any time between the time the item is received by the payor bank and the time that the payor bank returns the item or gives notice in lieu of return, and no more than 1 determination need be made. If, at the election of the payor bank, a subsequent balance determination is made for the purpose of reevaluating the bank's decision to dishonor the item, the account balance at that time is determinative of whether a dishonor for insufficiency of available funds is wrongful. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4403 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-4 - Part 4 Relationship Between Payor Bank and Its Customer (440.4401...440.4407)|Section 440.4403 - Customer's Right to Stop Payment; Lapse and Renewal; Burden of Proof of Loss.

440.4403 Customer's right to stop payment; lapse and renewal; burden of proof of loss.Sec. 4403.  (1) A customer or any person authorized to draw on the account if there is more than 1 person may stop payment of any item drawn on the customer's account or close the account by an order to the bank describing the item or account with reasonable certainty received at a time and in a manner that affords the bank a reasonable opportunity to act on it before any action by the bank with respect to the item described in section 4303. If the signature of more than 1 person is required to draw on an account, any of these persons may stop payment or close the account.  (2) A stop-payment order is effective for 6 months, but it lapses after 14 calendar days if the original order was oral and was not confirmed in a record within that period. A stop-payment order may be renewed for additional 6-month periods by a record given to the bank within a period during which the stop-payment order is effective.  (3) The burden of establishing the fact and amount of loss resulting from the payment of an item contrary to a stop-payment order or order to close an account is on the customer. The loss from payment of an item contrary to a stop-payment order may include damages for dishonor of subsequent items under section 4402. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993 ;-- Am. 2014, Act 103, Imd. Eff. Apr. 10, 2014
MI Comp L § 440.4404 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-4 - Part 4 Relationship Between Payor Bank and Its Customer (440.4401...440.4407)|Section 440.4404 - Payment of Checks More Than 6 Months Old.

440.4404 Payment of checks more than 6 months old. Sec. 4404.  A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than 6 months after its date, but it may charge its customer's account for a payment made thereafter in good faith. History: 1962, Act 174, Eff. Jan. 1, 1964
MI Comp L § 440.4405 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-4 - Part 4 Relationship Between Payor Bank and Its Customer (440.4401...440.4407)|Section 440.4405 - Death or Incompetence of Customer.

440.4405 Death or incompetence of customer.  Sec. 4405.  (1) A payor or collecting bank's authority to accept, pay or collect an item or to account for proceeds of its collection if otherwise effective is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes such authority to accept, pay, collect or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it.  (2) Even with knowledge a bank may for 10 days after the date of death pay or certify checks drawn on or prior to that date unless ordered to stop payment by a person claiming an interest in the account. History: 1962, Act 174, Eff. Jan. 1, 1964
MI Comp L § 440.4407 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-4 - Part 4 Relationship Between Payor Bank and Its Customer (440.4401...440.4407)|Section 440.4407 - Improper Payment; Subrogation of Payor Bank.

440.4407 Improper payment; subrogation of payor bank. Sec. 4407.  If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank is subrogated to the rights of the following:  (a) Of any holder in due course on the item against the drawer or maker.  (b) Of the payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose.  (c) Of the drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4501 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-5 - Part 5 Collection of Documentary Drafts (440.4501...440.4504)|Section 440.4501 - Documentary Draft; Presentment, Notice of Dishonor.

440.4501 Documentary draft; presentment, notice of dishonor. Sec. 4501.  A bank which takes a documentary draft for collection must present or send the draft and accompanying documents for presentment and upon learning that the draft has not been paid or accepted in due course must seasonably notify its customer of such fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right. History: 1962, Act 174, Eff. Jan. 1, 1964
MI Comp L § 440.4502 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-5 - Part 5 Collection of Documentary Drafts (440.4501...440.4504)|Section 440.4502 - Documentary Draft; Presentment on Arrival of Goods, Refusal for Non-Arrival; Notice to Transferor.

440.4502 Documentary draft; presentment on arrival of goods, refusal for non-arrival; notice to transferor. Sec. 4502.  When a draft or the relevant instructions require presentment "on arrival", "when goods arrive" or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of such refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods. History: 1962, Act 174, Eff. Jan. 1, 1964
MI Comp L § 440.4503 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-5 - Part 5 Collection of Documentary Drafts (440.4501...440.4504)|Section 440.4503 - Documentary Draft; Responsibility of Presenting Bank for Documents and Goods; Report of Reasons for Dishonor; Referees; Expenses.

440.4503 Documentary draft; responsibility of presenting bank for documents and goods; report of reasons for dishonor; referees; expenses. Sec. 4503.  Unless otherwise instructed and except as provided in article 5 a bank presenting a documentary draft  (a) must deliver the documents to the drawee on acceptance of the draft if it is payable more than 3 days after presentment; otherwise, only on payment; and  (b) upon dishonor, either in the case of presentment for acceptance or presentment for payment, may seek and follow instructions from any referee in case of need designated in the draft or if the presenting bank does not choose to utilize his services it must use diligence and good faith to ascertain the reason for dishonor, must notify its transferor of the dishonor and of the results of its effort to ascertain the reasons therefor and must request instructions.  But the presenting bank is under no obligation with respect to goods represented by the documents except to follow any reasonable instructions seasonably received; it has a right to reimbursement for any expense incurred in following instructions and to prepayment of or indemnity for such expenses.  History: 1962, Act 174, Eff. Jan. 1, 1964
MI Comp L § 440.4504 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-5 - Part 5 Collection of Documentary Drafts (440.4501...440.4504)|Section 440.4504 - Documentary Draft; Presenting Bank's Right to Deal With Goods; Lien for Expenses.

440.4504 Documentary draft; presenting bank's right to deal with goods; lien for expenses. Sec. 4504.  (1) A presenting bank which, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner.  (2) For its reasonable expenses incurred by action under subsection (1) the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller's lien. History: 1962, Act 174, Eff. Jan. 1, 1964
MI Comp L § 440.4601 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|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.

440.4601 Short title. Sec. 4A101.  This article shall be known and may be cited as "uniform commercial code—funds transfers". History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4602 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4A - Funds Transfers (440.4601...440.4957)|174-1962-4A-1 - Part 1 Subject Matters and Definitions (440.4601...440.4608)|Section 440.4602 - Applicability of Article.

440.4602 Applicability of article. Sec. 4A102.  Except as otherwise provided in section 4A108, this article applies to funds transfers defined in section 4A104. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4603 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4A - Funds Transfers (440.4601...440.4957)|174-1962-4A-1 - Part 1 Subject Matters and Definitions (440.4601...440.4608)|Section 440.4603 - Definitions; Instruction as a Separate Payment Order; Issuance of Payment Order.

440.4603 Definitions; instruction as a separate payment order; issuance of payment order. Sec. 4A103.  (1) As used in this article:  (a) "Payment order" means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if the following apply:  (i) The instruction does not state a condition to payment to the beneficiary other than time of payment.  (ii) The receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender.  (iii) The instruction is transmitted by the sender directly to the receiving bank or to an agent, funds-transfer system, or communication system for transmittal to the receiving bank.  (b) "Beneficiary" means the person to be paid by the beneficiary's bank.  (c) "Beneficiary's bank" means the bank identified in a payment order in which an account of the beneficiary is to be credited pursuant to the order or which otherwise is to make payment to the beneficiary if the order does not provide for payment to an account.  (d) "Receiving bank" means the bank to which the sender's instruction is addressed.  (e) "Sender" means the person giving the instruction to the receiving bank.  (2) If an instruction complying with subsection (1)(a) is to make more than 1 payment to a beneficiary, the instruction is a separate payment order with respect to each payment.  (3) A payment order is issued when it is sent to the receiving bank. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4604 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4A - Funds Transfers (440.4601...440.4957)|174-1962-4A-1 - Part 1 Subject Matters and Definitions (440.4601...440.4608)|Section 440.4604 - Definitions.

440.4604 Definitions. Sec. 4A104.  As used in this article:  (a) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator's bank or an intermediary bank intended to carry out the originator's payment order. A funds transfer is completed by acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order.  (b) "Intermediary bank" means a receiving bank other than the originator's bank or the beneficiary's bank.  (c) "Originator" means the sender of the first payment order in a funds transfer.  (d) "Originator's bank" means (i) the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or (ii) the originator if the originator is a bank. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992