reglab/housing_qa huggingface dataset:
MI Comp L § 440.4956 (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-5 - Part 5 Miscellaneous Provisions (440.4951...440.4957)|Section 440.4956 - Receiving Bank; Determination of Interest Payable.

440.4956 Receiving bank; determination of interest payable. Sec. 4A506.  (1) If, under this article, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined (i) by agreement of the sender and receiving bank, or (ii) by a funds-transfer system rule if the payment order is transmitted through a funds-transfer system.  (2) If the amount of interest is not determined by an agreement or rule as stated in subsection (1), the amount is calculated by multiplying the applicable federal funds rate by the amount on which interest is payable, and then multiplying the product by the number of days for which interest is payable. The applicable federal funds rate is the average of the federal funds rates published by the federal reserve bank of New York for each of the days for which interest is payable divided by 360. The federal funds rate for any day on which a published rate is not available is the same as the published rate for the next preceding day for which there is a published rate. If a receiving bank that accepted a payment order is required to refund payment to the sender of the order because the funds transfer was not completed, but the failure to complete was not due to any fault by the bank, the interest payable is reduced by a percentage equal to the reserve requirement on deposits of the receiving bank. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4957 (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-5 - Part 5 Miscellaneous Provisions (440.4951...440.4957)|Section 440.4957 - Rights and Obligations of Parties; Application of Choice of Law.

440.4957 Rights and obligations of parties; application of choice of law. Sec. 4A507.  (1) The following rules apply unless the affected parties otherwise agree or subsection (3) applies:  (a) The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receiving bank is located.  (b) The rights and obligations between the beneficiary's bank and the beneficiary are governed by the law of the jurisdiction in which the beneficiary's bank is located.  (c) The issue of when payment is made pursuant to a funds transfer by the originator to the beneficiary is governed by the law of the jurisdiction in which the beneficiary's bank is located.  (2) If the parties described in each subdivision of subsection (1) have made an agreement selecting the law of a particular jurisdiction to govern rights and obligations between each other, the law of that jurisdiction governs those rights and obligations, whether or not the payment order or the funds transfer bears a reasonable relation to that jurisdiction.  (3) A funds-transfer system rule may select the law of a particular jurisdiction to govern (i) rights and obligations between participating banks with respect to payment orders transmitted or processed through the system, or (ii) the rights and obligations of some or all parties to a funds transfer any part of which is carried out by means of the system. A choice of law made pursuant to clause (i) is binding on participating banks. A choice of law made pursuant to clause (ii) is binding on the originator, other sender, or a receiving bank having notice that the funds-transfer system might be used in the funds transfer and of the choice of law by the system when the originator, other sender, or receiving bank issued or accepted a payment order. The beneficiary of a funds transfer is bound by the choice of law if, when the funds transfer is initiated, the beneficiary has notice that the funds-transfer system might be used in the funds transfer and of the choice of law by the system. The law of a jurisdiction selected pursuant to this subsection may govern, whether or not that law bears a reasonable relation to the matter in issue.  (4) In the event of inconsistency between an agreement under subsection (2) and a choice-of-law rule under subsection (3), the agreement under subsection (2) prevails.  (5) If a funds transfer is made by use of more than 1 funds-transfer system and there is inconsistency between choice-of-law rules of the systems, the matter in issue is governed by the law of the selected jurisdiction that has the most significant relationship to the matter in issue. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.7101 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)|174-1962-7-1 - Part 1 General (440.7101...440.7106)|Section 440.7101 - Uniform Commercial Code—documents of Title; Short Title of Article.

440.7101 Uniform commercial code—documents of title; short title of article.Sec. 7101.  This article shall be known and may be cited as "uniform commercial code—documents of title". History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2012, Act 87, Eff. July 1, 2013
MI Comp L § 440.7103 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)|174-1962-7-1 - Part 1 General (440.7101...440.7106)|Section 440.7103 - Article Subject to Governmental Treaty, Statute, or Regulatory Statute; Electronic Signatures.

440.7103 Article subject to governmental treaty, statute, or regulatory statute; electronic signatures.Sec. 7103.  (1) This article is subject to any treaty or statute of the United States or regulatory statute of this state to the extent the treaty, statute, or regulatory statute is applicable.  (2) This article does not modify or repeal any law prescribing the form or content of a document of title or the services or facilities to be afforded by a bailee, or otherwise regulating a bailee's business in respects not specifically treated in this article. However, violation of such a law does not affect the status of a document of title that otherwise is within the definition of a document of title.  (3) This act modifies, limits, and supersedes the electronic signatures in global and national commerce act, 15 USC 7001 to 7031, but does not modify, limit, or supersede 15 USC 7001(a) or authorize electronic delivery of any of the notices described in 15 USC 7003(b).  (4) To the extent there is a conflict between the uniform electronic transactions act, 2000 PA 305, MCL 450.831 to 450.849, and this article, this article governs. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2012, Act 87, Eff. July 1, 2013
MI Comp L § 440.7104 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)|174-1962-7-1 - Part 1 General (440.7101...440.7106)|Section 440.7104 - Negotiable and Nonnegotiable Warehouse Receipt, Bill of Lading, or Other Document of Title.

440.7104 Negotiable and nonnegotiable warehouse receipt, bill of lading, or other document of title.Sec. 7104.  (1) Except as otherwise provided in subsection (3), a document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person.  (2) A document of title other than one described in subsection (1) is nonnegotiable. A bill of lading that states that the goods are consigned to a named person is not made negotiable by a provision that the goods are to be delivered only against an order in a record signed by the same or another named person.  (3) A document of title is nonnegotiable if, at the time it is issued, the document has a conspicuous legend, however expressed, that it is nonnegotiable. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2012, Act 87, Eff. July 1, 2013
MI Comp L § 440.7105 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)|174-1962-7-1 - Part 1 General (440.7101...440.7106)|Section 440.7105 - Tangible Document of Title as Substitute for Electronic Document; Electronic Document Title as Substitute for Tangible Document of Title; Conditions.

440.7105 Tangible document of title as substitute for electronic document; electronic document title as substitute for tangible document of title; conditions.Sec. 7105.  (1) Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if both of the following are met:  (a) The person entitled under the electronic document surrenders control of the document to the issuer.  (b) The tangible document when issued contains a statement that it is issued in substitution for the electronic document.  (2) All of the following apply upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection (1):  (a) The electronic document ceases to have any effect or validity.  (b) The person that procured issuance of the tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.  (3) Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if both of the following are met:  (a) The person entitled under the tangible document surrenders possession of the document to the issuer.  (b) The electronic document when issued contains a statement that it is issued in substitution for the tangible document.  (4) All of the following apply upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection (3):  (a) The tangible document ceases to have any effect or validity.  (b) The person that procured issuance of the electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2012, Act 87, Eff. July 1, 2013
MI Comp L § 440.7106 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)|174-1962-7-1 - Part 1 General (440.7101...440.7106)|Section 440.7106 - Person Having Control of Electronic Document.

440.7106 Person having control of electronic document.Sec. 7106.  (1) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.  (2) A system satisfies subsection (1), and a person is considered to have control of an electronic document of title, if the document is created, stored, and assigned in a manner that meets all of the following:  (a) A single authoritative copy of the document exists that is unique, identifiable, and, except as otherwise provided in subdivisions (d), (e), and (f), unalterable.  (b) The authoritative copy described in subdivision (a) identifies the person asserting control as 1 of the following:  (i) The person to which the document was issued.  (ii) If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred.  (c) The authoritative copy described in subdivision (a) is communicated to and maintained by the person asserting control or its designated custodian.  (d) Copies or amendments that add or change an identified assignee of the authoritative copy described in subdivision (a) can be made only with the consent of the person asserting control.  (e) Each copy of the authoritative copy described in subdivision (a) and any copy of a copy is readily identifiable as a copy that is not the authoritative copy.  (f) Any amendment of the authoritative copy described in subdivision (a) is readily identifiable as authorized or unauthorized. History: Add. 2012, Act 87, Eff. July 1, 2013
MI Comp L § 440.7201 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)|174-1962-7-2 - Part 2 Warehouse Receipts: Special Provisions (440.7201...440.7210)|Section 440.7201 - Warehouse Receipt; Issuance; Storage Under Government Bond.

440.7201 Warehouse receipt; issuance; storage under government bond.Sec. 7201.  (1) A warehouse receipt may be issued by any warehouse.  (2) If distilled spirits, agricultural commodities, or any other goods are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a receipt issued for the goods is considered to be a warehouse receipt even if issued by a person that is the owner of the goods and is not a warehouse. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2012, Act 87, Eff. July 1, 2013
MI Comp L § 440.7202 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)|174-1962-7-2 - Part 2 Warehouse Receipts: Special Provisions (440.7201...440.7210)|Section 440.7202 - Terms of Receipt; Form; Contrary Provisions.

440.7202 Terms of receipt; form; contrary provisions.Sec. 7202.  (1) A warehouse receipt need not be in any particular form.  (2) Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a person injured by its omission:  (a) A statement of the location of the warehouse where the goods are stored.   (b) The date of issue of the receipt.   (c) The unique identification code of the receipt.   (d) A statement whether the goods received will be delivered to the bearer, to a named person, or to a named person or its order.   (e) The rate of storage and handling charges, unless goods are stored under a field warehousing arrangement, in which case a statement of that fact is sufficient on a nonnegotiable receipt.   (f) A description of the goods or the packages containing them.   (g) The signature of the warehouse or its agent.  (h) If the receipt is issued for goods that the warehouse owners, either solely, jointly, or in common with others, a statement of the fact of that ownership.   (i) A statement of the amount of advances made and of liabilities incurred for which the warehouse claims a lien or security interest, unless the precise amount of advances made or liabilities incurred, at the time of the issue of the receipt, is unknown to the warehouse or to its agent that issued the receipt, in which case a statement of the fact that advances have been made or liabilities incurred and the purpose of the advances or liabilities is sufficient.  (3) A warehouse may insert in its receipt any terms that are not contrary to the provisions of this act and do not impair its obligation of delivery under section 7403 or its duty of care under section 7204. Any contrary provisions are ineffective. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2012, Act 87, Eff. July 1, 2013
MI Comp L § 440.7203 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)|174-1962-7-2 - Part 2 Warehouse Receipts: Special Provisions (440.7201...440.7210)|Section 440.7203 - Liability for Nonreceipt or Misdescription.

440.7203 Liability for nonreceipt or misdescription.Sec. 7203.  A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that any of the following apply:  (a) The document conspicuously indicates that the issuer does not know whether all or any part of the goods in fact were received or conform to the description, such as a case in which the description is in terms of marks or labels or kind, quantity, or condition, or the receipt or description is qualified by "contents, condition, and quality unknown", "said to contain", or words of similar import, if the indication is true.   (b) The party or purchaser has notice of the nonreceipt or misdescription. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2012, Act 87, Eff. July 1, 2013
MI Comp L § 440.7204 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)|174-1962-7-2 - Part 2 Warehouse Receipts: Special Provisions (440.7201...440.7210)|Section 440.7204 - Duty of Care; Contractual Limitation of Warehouse Liability; Provisions as to Time and Manner of Presenting Claims and Commencing Actions.

440.7204 Duty of care; contractual limitation of warehouse liability; provisions as to time and manner of presenting claims and commencing actions.Sec. 7204.  (1) A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the goods that a reasonably careful person would exercise under similar circumstances. Unless otherwise agreed, the warehouse is not liable for damages that could not have been avoided by the exercise of that care.  (2) Damages may be limited by a term in a warehouse receipt or storage agreement limiting the amount of liability in case of loss or damage beyond which the warehouse is not liable. Such a limitation is not effective with respect to the warehouse's liability for conversion to its own use. On request of the bailor in a record at the time of signing the storage agreement or within a reasonable time after receipt of the warehouse receipt, the warehouse's liability may be increased on part or all of the goods covered by the storage agreement or the warehouse receipt. In this event, increased rates may be charged based on an increased valuation of the goods.  (3) Reasonable provisions as to the time and manner of presenting claims and commencing actions based on the bailment may be included in the warehouse receipt or storage agreement. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2012, Act 87, Eff. July 1, 2013
MI Comp L § 440.7205 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)|174-1962-7-2 - Part 2 Warehouse Receipts: Special Provisions (440.7201...440.7210)|Section 440.7205 - Fungible Goods; Buyer's Title.

440.7205 Fungible goods; buyer's title.Sec. 7205.  A buyer in the ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling those goods takes the goods free of any claim under a warehouse receipt even if the receipt is negotiable and has been duly negotiated. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2012, Act 87, Eff. July 1, 2013
MI Comp L § 440.7206 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title (440.7101...440.7702)|174-1962-7-2 - Part 2 Warehouse Receipts: Special Provisions (440.7201...440.7210)|Section 440.7206 - Termination of Storage at Warehouse's Option; Removal or Sale; Notice; Delivery; Satisfaction of Lien.

440.7206 Termination of storage at warehouse's option; removal or sale; notice; delivery; satisfaction of lien.Sec. 7206.  (1) A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any charges and removal of the goods from the warehouse at the termination of the period of storage fixed by the document of title or, if a period is not fixed, within a stated period not less than 30 days after the warehouse gives notice. If the goods are not removed before the date specified in the notice, the warehouse may sell them pursuant to section 7210.   (2) If a warehouse in good faith believes that goods are about to deteriorate or decline in value to less than the amount of its lien within the time provided in subsection (1) and section 7210, the warehouse may specify in the notice given under subsection (1) any reasonable shorter time for removal of the goods and, if the goods are not removed, may sell them at public sale held not less than 1 week after a single advertisement or posting.  (3) If, as a result of a quality or condition of the goods of which the warehouse did not have notice at the time of deposit, the goods are a hazard to other property, the warehouse facilities, or other persons, the warehouse may sell the goods at public or private sale without advertisement or posting on reasonable notification to all persons known to claim an interest in the goods. If the warehouse, after a reasonable effort, is unable to sell the goods, it may dispose of them in any lawful manner and does not incur liability by reason of that disposition.   (4) A warehouse shall deliver the goods to any person entitled to them under this article upon due demand made at any time before sale or other disposition under this section.  (5) A warehouse may satisfy its lien from the proceeds of any sale or disposition under this section but shall hold the balance for delivery on the demand of any person to which the warehouse would have been bound to deliver the goods. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2012, Act 87, Eff. July 1, 2013