reglab/housing_qa huggingface dataset:
MI Comp L § 440.5109 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 5 - Letters of Credit (440.5101...440.5118)|Section 440.5109 - Forged or Fraudulent Document; Injunction; Findings of Court.

440.5109 Forged or fraudulent document; injunction; findings of court. Sec. 5109.  (1) If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit, but a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant:  (a) The issuer shall honor the presentation, if honor is demanded by 1 or more of the following:  (i) A nominated person who has given value in good faith and without notice of forgery or material fraud.  (ii) A confirmer who has honored its confirmation in good faith.  (iii) A holder in due course of a draft drawn under the letter of credit which was taken after acceptance by the issuer or nominated person.  (iv) An assignee of the issuer's or nominated person's deferred obligation that was taken for value and without notice of forgery or material fraud after the obligation was incurred by the issuer or nominated person.  (b) The issuer, acting in good faith, may honor or dishonor the presentation in any other cause.  (2) If an applicant claims that a required document is forged or materially fraudulent or that honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant, a court of competent jurisdiction may temporarily or permanently enjoin the issuer from honoring a presentation or grant similar relief against the issuer or other persons only if the court finds all of the following:  (a) The relief is not prohibited under the law applicable to an accepted draft or deferred obligation incurred by the issuer.  (b) A beneficiary, issuer, or nominated person who may be adversely affected is adequately protected against loss that it may suffer because the relief is granted.  (c) All of the conditions to entitle a person to the relief under the law of this state have been met.  (d) On the basis of the information submitted to the court, the applicant is more likely than not to succeed under its claim of forgery or material fraud and the person demanding honor does not qualify for protection under subsection (1)(a). History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999
MI Comp L § 440.5110 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 5 - Letters of Credit (440.5101...440.5118)|Section 440.5110 - Warranties on Presentment or Transfer.

440.5110 Warranties on presentment or transfer. Sec. 5110.  (1) If presentation is honored, the beneficiary warrants:  (a) To the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in section 5109(1).  (b) To the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.  (2) The warranties in subsection (1) are in addition to warranties arising under articles 3, 4, 7, and 8 because of the presentation or transfer of documents covered by any of those articles. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999
MI Comp L § 440.5111 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 5 - Letters of Credit (440.5101...440.5118)|Section 440.5111 - Wrongful Dishonor, Repudiation, or Breach; Rights of Claimant or Applicant; Liability of Issuer, Nominated Person, or Adviser; Attorney Fees; Liquidated Damages.

440.5111 Wrongful dishonor, repudiation, or breach; rights of claimant or applicant; liability of issuer, nominated person, or adviser; attorney fees; liquidated damages. Sec. 5111.  (1) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or nominated person presenting on its own behalf may recover from the issuer the amount that is the subject of the dishonor or repudiation. If the issuer's obligation under the letter of credit is not for the payment of money, the claimant may obtain specific performance or, at the claimant's election, recover an amount equal to the value of performance from the issuer. In either case, the claimant may also recover incidental but not consequential damages. The claimant is not obligated to take action to avoid damages that might be due from the issuer under this subsection. If, although not obligated to do so, the claimant avoids damages, the claimant's recovery from the issuer must be reduced by the amount of damages avoided. The issuer has the burden of proving the amount of damages avoided. In the case of repudiation the claimant need not present any document.  (2) If an issuer wrongfully dishonors a draft or demand presented under a letter of credit or honors a draft or demand in breach of its obligation to the applicant, the applicant may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach.  (3) If an adviser or nominated person other than a confirmer breaches an obligation under this article or an issuer breaches an obligation not covered in subsection (1) or (2), a person to whom the obligation is owed may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach. To the extent of the confirmation, a confirmer has the liability of an issuer specified in this subsection and subsections (1) and (2).  (4) An issuer, nominated person, or adviser who is found liable under subsection (1), (2), or (3) shall pay interest on the amount owed from the date of wrongful dishonor or other appropriate date.  (5) Reasonable attorney's fees and other expenses of litigation shall be awarded to the prevailing party in an action in which a remedy is sought under this article.  (6) Damages that would otherwise be payable by a party for breach of an obligation under this article may be liquidated by agreement or undertaking, but only in an amount or by a formula that is reasonable in light of the harm anticipated. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999
MI Comp L § 440.5112 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 5 - Letters of Credit (440.5101...440.5118)|Section 440.5112 - Right to Draw or Demand Performance Under Letter of Credit; Transfer.

440.5112 Right to draw or demand performance under letter of credit; transfer. Sec. 5112.  (1) Except as otherwise provided in section 5113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred.  (2) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if either of the following applies:  (a) The transfer would violate applicable law.  (b) The transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer which is within the standard practice referred to in section 5108(5) or is otherwise reasonable under the circumstances. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999
MI Comp L § 440.5113 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 5 - Letters of Credit (440.5101...440.5118)|Section 440.5113 - Rights of Successor Beneficiary.

440.5113 Rights of successor beneficiary. Sec. 5113.  (1) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.  (2) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in subsection (5), an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice referred to in section 5108(5) or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer.  (3) An issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized.  (4) Honor of a purported successor's apparently complying presentation under subsection (1) or (2) has the consequences specified in section 5108(9) even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person who is neither the beneficiary nor the successor of the beneficiary are forged documents for the purposes of section 5109.  (5) An issuer whose rights of reimbursement are not covered by subsection (4) or substantially similar law and any confirmer or nominated person may decline to recognize a presentation under subsection (2).  (6) A beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999
MI Comp L § 440.5114 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 5 - Letters of Credit (440.5101...440.5118)|Section 440.5114 - Proceeds of Letter of Credit.

440.5114 Proceeds of letter of credit. Sec. 5114.  (1) In this section, "proceeds of a letter of credit" means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary's drawing rights or documents presented by the beneficiary.  (2) A beneficiary may assign its right to part or all of the proceeds of a letter of credit. The beneficiary may do so before presentation as a present assignment of its right to receive proceeds contingent upon its compliance with the terms and conditions of the letter of credit.  (3) An issuer or nominated person need not recognize an assignment of proceeds of a letter of credit until it consents to the assignment.  (4) An issuer or nominated person has no obligation to give or withhold its consent to an assignment of proceeds of a letter of credit, but consent may not be unreasonably withheld if the assignee possesses and exhibits the letter of credit and presentation of the letter of credit is a condition to honor.  (5) Rights of a transferee beneficiary or nominated person are independent of the beneficiary's assignment of the proceeds of a letter of credit and are superior to the assignee's right to the proceeds.  (6) The rights recognized by this section between an assignee and an issuer, transferee beneficiary, or nominated person or the issuer's or nominated person's payment of proceeds to an assignee or a third person do not affect the rights between the assignee and any person other than the issuer, transferee beneficiary, or nominated person. The mode of creating and perfecting a security interest in or granting an assignment of a beneficiary's rights to proceeds is governed by article 9 or other law. Against persons other than the issuer, transferee beneficiary, or nominated person, the rights and obligations arising upon the creation of a security interest or other assignment of a beneficiary's right to proceeds and its perfection are governed by article 9 or other law. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998 ;-- Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999
MI Comp L § 440.5115 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 5 - Letters of Credit (440.5101...440.5118)|Section 440.5115 - Commencement of Action.

440.5115 Commencement of action. Sec. 5115.  An action to enforce a right or obligation arising under this article must be commenced within 1 year after the expiration date of the relevant letter of credit or 1 year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999
MI Comp L § 440.5116 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 5 - Letters of Credit (440.5101...440.5118)|Section 440.5116 - Jurisdiction; Forum.

440.5116 Jurisdiction; forum. Sec. 5116.  (1) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed or otherwise authenticated by the affected parties in the manner provided in section 5104 or by a provision in the person's letter of credit, confirmation, or other undertaking. The jurisdiction whose law is chosen need not bear any relation to the transaction.  (2) Unless subsection (1) applies, the liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction in which the person is located. The person is considered to be located at the address indicated in the person's undertaking. If more than 1 address is indicated, the person is considered to be located at the address from which the person's undertaking was issued. For the purpose of jurisdiction, choice of law, and recognition of interbranch letters of credit, but not enforcement of a judgment, all branches of a bank are considered separate juridical entities and a bank is considered to be located at the place where its relevant branch is considered to be located under this subsection.  (3) Except as otherwise provided in this subsection, the liability of an issuer, nominated person, or adviser is governed by any rules of custom or practice, such as the uniform customs and practice for documentary credits, to which the letter of credit, confirmation, or other undertaking is expressly made subject. If this article would govern the liability of an issuer, nominated person, or adviser under subsection (1) or (2), or the relevant undertaking incorporates rules of custom or practice, or there is conflict between this article and those rules as applied to that undertaking, those rules govern except to the extent of any conflict with the nonvariable provisions specified in section 5103(3).  (4) If there is conflict between this article and article 3, 4, 4a, or 9, this article governs.  (5) The forum for settling disputes arising out of an undertaking within this article may be chosen in the manner and with the binding effect that governing law may be chosen in accordance with subsection (1). History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999
MI Comp L § 440.5117 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 5 - Letters of Credit (440.5101...440.5118)|Section 440.5117 - Rights of Subrogation.

440.5117 Rights of subrogation. Sec. 5117.  (1) An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent as if the issuer were the secondary obligor of the underlying obligation owed to the applicant.  (2) An applicant that reimburses an issuer is subrogated to the rights of the issuer against any beneficiary, presenter, or nominated person to the same extent as if the applicant were the secondary obligor of the obligations owed to the issuer and has the rights of subrogation of the issuer to the rights of the beneficiary stated in subsection (1).  (3) A nominated person who pays or gives value against a draft or demand presented under a letter of credit is subrogated to the rights of all of the following:  (a) The issuer against the applicant to the same extent as if the nominated person were a secondary obligor of the obligation owed to the issuer by the applicant.  (b) The beneficiary to the same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the beneficiary.  (c) The applicant to the same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the applicant.  (4) Notwithstanding any agreement or term to the contrary, the rights of subrogation stated in subsections (1) and (2) do not arise until the issuer honors the letter of credit or otherwise pays and the rights in subsection (3) do not arise until the nominated person pays or otherwise gives value. Until then, the issuer, nominated person, and the applicant do not derive under this section present or prospective rights forming the basis of a claim, defense, or excuse. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999
MI Comp L § 440.5118 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 5 - Letters of Credit (440.5101...440.5118)|Section 440.5118 - Document Presented Under Letter of Credit; Security Interest of Issuer or Nominated Person.

440.5118 Document presented under letter of credit; security interest of issuer or nominated person. Sec. 5118.  (1) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation.  (2) So long as and to the extent that an issuer or nominated person has not been reimbursed or has not otherwise recovered the value given with respect to a security interest in a document under subsection (1), the security interest continues and is subject to article 9, but all of the following apply:  (a) A security agreement is not necessary to make the security interest enforceable under section 9203(2)(c).  (b) If the document is presented in a medium other than a written or other tangible medium, the security interest is perfected.  (c) If the document is presented in a written or other tangible medium and is not a certificated security, chattel paper, a document of title, an instrument, or a letter of credit, the security interest is perfected and has priority over a conflicting security interest in the document so long as the debtor does not have possession of the document. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.6101-440.6111 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 6 - Bulk Transfers (440.6101...440.6111)|Section 440.6101-440.6111 - Repealed. 1998, Act 489, Imd. Eff. Jan. 4, 1999.

440.6101-440.6111 Repealed. 1998, Act 489, Imd. Eff. Jan. 4, 1999. Compiler's Notes: Enacting section 2 of Act 489 of 1998 provides:“Enacting section 2. Rights and obligations that arose under article 6 before article 6 was repealed remain valid and may be enforced as if article 6 had not been repealed.”
MI Comp L § 440.11101 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 11 - Effective Date and Provisions for Transition to Amendatory Act (440.11101...440.11102)|Section 440.11101 - Repealed. 2012, Act 88, Eff. July 1, 2013.

440.11101 Repealed. 2012, Act 88, Eff. July 1, 2013. Compiler's Notes: The repealed section pertained to effective date.
MI Comp L § 440.11102 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 11 - Effective Date and Provisions for Transition to Amendatory Act (440.11101...440.11102)|Section 440.11102 - Repealed. 2012, Act 88, Eff. July 1, 2013.

440.11102 Repealed. 2012, Act 88, Eff. July 1, 2013. Compiler's Notes: The repealed section pertained to continuation statement and transactions entered into before effective date of amendatory act.
MI Comp L § 445.1101 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-1 - Part 1 (445.1101...445.1111)|Section 445.1101 - Home Improvement Finance Act; Short Title.

445.1101 Home improvement finance act; short title. Sec. 101.  This act shall be known and may be cited as the "home improvement finance act". History: 1965, Act 332, Eff. Jan. 1, 1966
MI Comp L § 445.1111 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-1 - Part 1 (445.1101...445.1111)|Section 445.1111 - Effect of Compliance With Truth in Lending Act.

445.1111 Effect of compliance with truth in lending act. Sec. 111.  Compliance with the requirements of the truth in lending act, title I of Public Law 90-321, 15 U.S.C. 1601 to 1608, 1610 to 1613, 1615, 1631 to 1635, 1637 to 1638, 1640 to 1647, and 1661 to 1667e, is compliance with the disclosure provisions of section 203(b), (c), (d), (e), (f), (g), (h), (i), (j), and (k), and section 204a(3). History: Add. 1969, Act 30, Imd. Eff. July 10, 1969 ;-- Am. 1985, Act 202, Imd. Eff. Dec. 27, 1985 ;-- Am. 1993, Act 97, Imd. Eff. July 13, 1993
MI Comp L § 445.1201 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-2 - Part 2 (445.1201...445.1209)|Section 445.1201 - Home Improvement Installment Contract; Date, Form.

445.1201 Home improvement installment contract; date, form. Sec. 201.  A home improvement installment contract shall be dated and in writing and the printed portion thereof shall be in at least 8-point type. History: 1965, Act 332, Eff. Jan. 1, 1966