reglab/housing_qa huggingface dataset:
MI Comp L § 440.4605 (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 440.4605 - Definitions; Sections Where Other Definitions Appear.

440.4605 Definitions; sections where other definitions appear.Sec. 4A105.  (1) As used in this article:  (a) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account.  (b) "Bank" means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this article.  (c) "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders.  (d) "Funds-transfer business day" of a receiving bank means the part of a day during which the receiving bank is open for the receipt, processing, and transmittal of payment orders and cancellations and amendments of payment orders.  (e) "Funds-transfer system" means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed.  (f) "Prove" with respect to a fact means to meet the burden of establishing the fact as defined in section 1201(2)(h).  (2) Other definitions applying to this article and the sections in which they appear are as follows:   "Acceptance". Section 4A209.   "Beneficiary". Section 4A103.   "Beneficiary's bank". Section 4A103.   "Executed". Section 4A301.   "Execution date". Section 4A301.   "Funds transfer". Section 4A104.   "Funds-transfer system rule". Section 4A501.   "Intermediary bank". Section 4A104.   "Originator". Section 4A104.   "Originator's bank". Section 4A104.   "Payment by beneficiary's bank to beneficiary". Section 4A405.   "Payment by originator to beneficiary". Section 4A406.   "Payment by sender to receiving bank". Section 4A403.   "Payment date". Section 4A401.   "Payment order". Section 4A103.   "Receiving bank". Section 4A103.   "Security procedure". Section 4A201.   "Sender". Section 4A103.  (3) The following definitions in article 4 apply to this article:   "Clearing-house". Section 4104.   "Item". Section 4104.   "Suspends payments". Section 4104.  (4) In addition, article 1 contains general definitions and principles of construction and interpretation applicable throughout this article. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992 ;-- Am. 2012, Act 86, Eff. July 1, 2013
MI Comp L § 440.4606 (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 440.4606 - Payment Order or Communication Canceling or Amending Payment Order; Determining Time of Receipt.

440.4606 Payment order or communication canceling or amending payment order; determining time of receipt.Sec. 4A106.  (1) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in section 1202. A receiving bank may fix a cut-off time or times on a funds transfer business day for the receipt and processing of payment orders and communications canceling or amending payment orders. Different cut-off times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments. A cut-off time may apply to senders generally or different cut-off times may apply to different senders or categories of payment orders. If a payment order or communication canceling or amending a payment order is received after the close of a funds transfer business day or after the appropriate cut-off time on a funds transfer business day, the receiving bank may treat the payment order or communication as received at the opening of the next funds transfer business day.  (2) If this article refers to an execution date or payment date or states a day on which a receiving bank is required to take action, and the date or day does not fall on a funds transfer business day, the next day that is a funds transfer business day is treated as the date or day stated, unless the contrary is stated in this article. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992 ;-- Am. 2012, Act 86, Eff. July 1, 2013
MI Comp L § 440.4607 (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 440.4607 - Regulations of Federal Reserve System as Superseding Article.

440.4607 Regulations of federal reserve system as superseding article. Sec. 4A107.  Regulations of the board of governors of the federal reserve system and operating circulars of the federal reserve banks supersede any inconsistent provision of this article to the extent of the inconsistency.  History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4608 (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 440.4608 - Applicability of Article to Certain Funds Transfer; Inconsistency; "Electronic Fund Transfer Act" Defined.

440.4608 Applicability of article to certain funds transfer; inconsistency; "electronic fund transfer act" defined.Sec. 4A108.  (1) Except as provided in subsection (2), this article does not apply to a funds transfer any part of which is governed by the electronic fund transfer act.   (2) This article applies to a funds transfer that is a remittance transfer as defined in 15 USC 1693o-1, unless the remittance transfer is an electronic fund transfer as defined in 15 USC 1693a.  (3) In a funds transfer to which this article applies, in the event of an inconsistency between an applicable provision of this article and an applicable provision of the electronic fund transfer act, the provision of the electronic fund transfer act governs to the extent of the inconsistency.  (4) As used in this section, "electronic fund transfer act" means the electronic fund transfer act, 15 USC 1693 to 1693r. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992 ;-- Am. 2014, Act 105, Imd. Eff. Apr. 10, 2014
MI Comp L § 440.4701 (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-2 - Part 2 Issue and Acceptance of Payment Order (440.4701...440.4712)|Section 440.4701 - “Security Procedure” Defined.

440.4701 “Security procedure” defined. Sec. 4A201.  "Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or canceling a payment order is that of the customer, or (ii) detecting error in the transmission of the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures, or similar security devices. Comparison of a signature on a payment order or communication with an authorized specimen signature of the customer is not by itself a security procedure. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4703 (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-2 - Part 2 Issue and Acceptance of Payment Order (440.4701...440.4712)|Section 440.4703 - Payment Order Effective Pursuant to MCL 440.4702; Application of Rules; Applicability of Section to Amendments of Payment Orders.

440.4703 Payment order effective pursuant to MCL 440.4702; application of rules; applicability of section to amendments of payment orders. Sec. 4A203.  (1) If an accepted payment order is not, under section 4A202(1), an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to section 4A202(2), the following rules apply:   (a) By express written agreement, the receiving bank may limit the extent to which it is entitled to enforce or retain payment of the payment order.  (b) The receiving bank is not entitled to enforce or retain payment of the payment order if the customer proves that the order was not caused, directly or indirectly, by a person (i) entrusted at anytime with duties to act for the customer with respect to payment orders or the security procedure, or (ii) who obtained access to transmitting facilities of the customer or who obtained, from a source controlled by the customer and without authority of the receiving bank, information facilitating breach of the security procedure, regardless of how the information was obtained or whether the customer was at fault. Information includes any access device, computer software, or the like.  (2) This section applies to amendments of payment orders to the same extent it applies to payment orders. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4704 (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-2 - Part 2 Issue and Acceptance of Payment Order (440.4701...440.4712)|Section 440.4704 - Receiving Bank; Acceptance of Unauthorized or Nonenforceable Payment; Refund; Interest; Recovery; Reasonable Time Fixed by Agreement; Agreement to Vary Obligation to Refund Payment Prohibited.

440.4704 Receiving bank; acceptance of unauthorized or nonenforceable payment; refund; interest; recovery; reasonable time fixed by agreement; agreement to vary obligation to refund payment prohibited.Sec. 4A204.  (1) If a receiving bank accepts a payment order issued in the name of its customer as sender which is (i) not authorized and not effective as the order of the customer under section 4A202, or (ii) not enforceable, in whole or in part, against the customer under section 4A203, the bank shall refund any payment of the payment order received from the customer to the extent the bank is not entitled to enforce payment and shall pay interest on the refundable amount calculated from the date the bank received payment to the date of the refund. However, the customer is not entitled to interest from the bank on the amount to be refunded if the customer fails to exercise ordinary care to determine that the order was not authorized by the customer and to notify the bank of the relevant facts within a reasonable time not exceeding 90 days after the date the customer received notification from the bank that the order was accepted or that the customer's account was debited with respect to the order. The bank is not entitled to any recovery from the customer on account of a failure by the customer to give notification as stated in this section.  (2) Reasonable time under subsection (1) may be fixed by agreement as stated in section 1302(2), but the obligation of a receiving bank to refund payment as stated in subsection (1) may not otherwise be varied by agreement. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992 ;-- Am. 2012, Act 86, Eff. July 1, 2013
MI Comp L § 440.4705 (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-2 - Part 2 Issue and Acceptance of Payment Order (440.4701...440.4712)|Section 440.4705 - Erroneous Payment Order; Duty and Liability of Sender Upon Notification From Receiving Bank; Applicability of Section to Amendments to Payment Orders.

440.4705 Erroneous payment order; duty and liability of sender upon notification from receiving bank; applicability of section to amendments to payment orders. Sec. 4A205.  (1) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (i) erroneously instructed payment to a beneficiary not intended by the sender, (ii) erroneously instructed payment in an amount greater than the amount intended by the sender, or (iii) was an erroneously transmitted duplicate of a payment order previously sent by the sender, the following rules apply:   (a) If the sender proves that the sender or a person acting on behalf of the sender pursuant to section 4A206 complied with the security procedure and that the error would have been detected if the receiving bank had also complied, the sender is not obliged to pay the order to the extent stated in subdivisions (b) and (c).  (b) If the funds transfer is completed on the basis of an erroneous payment order described in subsection (1)(i) or (iii), the sender is not obliged to pay the order and the receiving bank is entitled to recover from the beneficiary any amount paid to the beneficiary to the extent allowed by the law governing mistake and restitution.  (c) If the funds transfer is completed on the basis of a payment order described in subsection (1)(ii), the sender is not obliged to pay the order to the extent the amount received by the beneficiary is greater than the amount intended by the sender. In that case, the receiving bank is entitled to recover from the beneficiary the excess amount received to the extent allowed by the law governing mistake and restitution.   (2) If (i) the sender of an erroneous payment order described in subsection (1) is not obliged to pay all or part of the order, and (ii) the sender receives notification from the receiving bank that the order was accepted by the bank or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care, on the basis of information available to the sender, to discover the error with respect to the order and to advise the bank of the relevant facts within a reasonable time, not exceeding 90 days, after the bank's notification was received by the sender. If the bank proves that the sender failed to perform that duty, the sender is liable to the bank for the loss the bank proves it incurred as a result of the failure, but the liability of the sender may not exceed the amount of the sender's order.  (3) This section applies to amendments to payment orders to the same extent it applies to payment orders. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4706 (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-2 - Part 2 Issue and Acceptance of Payment Order (440.4701...440.4712)|Section 440.4706 - Transmitting Payment Order to Funds-Transfer System or Other Third-Party Communication System; System as Agent; Effect of Discrepancy; Applicability of Section.

440.4706 Transmitting payment order to funds-transfer system or other third-party communication system; system as agent; effect of discrepancy; applicability of section. Sec. 4A206.  (1) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms of the payment order transmitted to the system and the terms of the payment order transmitted by the system to the bank, the terms of the payment order of the sender are those transmitted by the system. This section does not apply to a funds-transfer system of the federal reserve banks.   (2) This section applies to cancellations and amendments of payment orders to the same extent it applies to payment orders. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4708 (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-2 - Part 2 Issue and Acceptance of Payment Order (440.4701...440.4712)|Section 440.4708 - Payment Order; Identification of Intermediary or Beneficiary Bank; Rules.

440.4708 Payment order; identification of intermediary or beneficiary bank; rules. Sec. 4A208.  (1) The following rules apply to a payment order identifying an intermediary bank or the beneficiary's bank only by an identifying number:   (a) The receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank and need not determine whether the number identifies a bank.  (b) The sender is obliged to compensate the receiving bank for any loss and expenses incurred by the receiving bank as a result of its reliance on the number in executing or attempting to execute the order.  (2) The following rules apply to a payment order identifying an intermediary bank or the beneficiary's bank both by name and an identifying number if the name and number identify different persons.  (a) If the sender is a bank, the receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank if the receiving bank, when it executes the sender's order, does not know that the name and number identify different persons. The receiving bank need not determine whether the name and number refer to the same person or whether the number refers to a bank. The sender is obliged to compensate the receiving bank for any loss and expenses incurred by the receiving bank as a result of its reliance on the number in executing or attempting to execute the order.  (b) If the sender is not a bank and the receiving bank proves that the sender, before the payment order was accepted, had notice that the receiving bank might rely on the number as the proper identification of the intermediary or beneficiary's bank even if it identifies a person different from the bank identified by name, the rights and obligations of the sender and the receiving bank are governed by subsection (2)(a), as though the sender were a bank. Proof of notice may be made by any admissible evidence. The receiving bank satisfies the burden of proof if it proves that the sender, before the payment order was accepted, signed a writing stating the information to which the notice relates.  (c) Regardless of whether the sender is a bank, the receiving bank may rely on the name as the proper identification of the intermediary or beneficiary's bank if the receiving bank, at the time it executes the sender's order, does not know that the name and number identify different persons. The receiving bank need not determine whether the name and number refer to the same person.  (d) If the receiving bank knows that the name and number identify different persons, reliance on either the name or the number in executing the sender's payment order is a breach of the obligation stated in section 4A302(1)(a). History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4710 (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-2 - Part 2 Issue and Acceptance of Payment Order (440.4701...440.4712)|Section 440.4710 - Rejection of Payment Order.

440.4710 Rejection of payment order. Sec. 4A210.  (1) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the order or will not execute or pay the order. Rejection is effective when the notice is given if transmission is by a means that is reasonable in the circumstances. If notice of rejection is given by a means that is not reasonable, rejection is effective when the notice is received. If an agreement of the sender and receiving bank establishes the means to be used to reject a payment order, any means complying with the agreement is reasonable and any means not complying is not reasonable unless no significant delay in receipt of the notice resulted from the use of the noncomplying means.  (2) This subsection applies if a receiving bank other than the beneficiary's bank fails to execute a payment order despite the existence on the execution date of a withdrawable credit balance in an authorized account of the sender sufficient to cover the order. If the sender does not receive notice of rejection of the order on the execution date and the authorized account of the sender does not bear interest, the bank is obliged to pay interest to the sender on the amount of the order for the number of days elapsing after the execution date to the earlier of the day the order is canceled pursuant to section 4A211(4) or the day the sender receives notice or learns that the order was not executed, counting the final day of the period as an elapsed day. If the withdrawable credit balance during that period falls below the amount of the order, the amount of interest is reduced accordingly.  (3) If a receiving bank suspends payments, all unaccepted payment orders issued to it are deemed rejected at the time the bank suspends payments.   (4) Acceptance of a payment order precludes a later rejection of the order. Rejection of a payment order precludes a later acceptance of the order. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4712 (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-2 - Part 2 Issue and Acceptance of Payment Order (440.4701...440.4712)|Section 440.4712 - Receiving Bank; Failure to Accept Payment Order; Liability for Breach of Agreement to Accept Payment Order.

440.4712 Receiving bank; failure to accept payment order; liability for breach of agreement to accept payment order. Sec. 4A212.  If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this article, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this article or by express agreement. Liability based on acceptance arises only when acceptance occurs as stated in section 4A209, and liability is limited to that provided in this article. A receiving bank is not the agent of the sender or beneficiary of the payment order it accepts, or of any other party to the funds transfer, and the bank owes no duty to any party to the funds transfer except as provided in this article or by express agreement. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992