reglab/housing_qa huggingface dataset:
MI Comp L § 440.4801 (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-3 - Part 3 Execution of Sender's Payment Order by Receiving Bank (440.4801...440.4805)|Section 440.4801 - Execution of Payment Order; “Execution Date” Defined.

440.4801 Execution of payment order; “execution date” defined. Sec. 4A301.  (1) A payment order is "executed" by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary's bank can be accepted but cannot be executed.  (2) "Execution date" of a payment order means the day on which the receiving bank may properly issue a payment order in execution of the sender's order. The execution date may be determined by instruction of the sender but cannot be earlier than the day the order is received and, unless otherwise determined, is the day the order is received. If the sender's instruction states a payment date, the execution date is the payment date or an earlier date on which execution is reasonably necessary to allow payment to the beneficiary on the payment date. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4803 (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-3 - Part 3 Execution of Sender's Payment Order by Receiving Bank (440.4801...440.4805)|Section 440.4803 - Receiving Bank; Payment of Sender's Order Pursuant to MCL 440.4902(3); Effect of Erroneous Payment Order; Applicability of Subsection (2); Obligation of Sender to Pay Payment Order; Recovery by Issuer From Beneficiary.

440.4803 Receiving bank; payment of sender's order pursuant to MCL 440.4902(3); effect of erroneous payment order; applicability of subsection (2); obligation of sender to pay payment order; recovery by issuer from beneficiary. Sec. 4A303.  (1) A receiving bank that executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender's order, or issues a payment order in execution of the sender's order and then issues a duplicate order, is entitled to payment of the amount of the sender's order under section 4A402(3) if that subsection is otherwise satisfied. The bank is entitled to recover from the beneficiary of the erroneous order the excess payment received to the extent allowed by the law governing mistake and restitution.  (2) A receiving bank that executes the payment order of the sender by issuing a payment order in an amount less than the amount of the sender's order is entitled to payment of the amount of the sender's order under section 4A402(3) if that subsection is otherwise satisfied and the bank corrects its mistake by issuing an additional payment order for the benefit of the beneficiary of the sender's order. If the error is not corrected, the issuer of the erroneous order is entitled to receive or retain payment from the sender of the order it accepted only to the extent of the amount of the erroneous order. This subsection does not apply if the receiving bank executes the sender's payment order by issuing a payment order in an amount less than the amount of the sender's order for the purpose of obtaining payment of its charges for services and expenses pursuant to instruction of the sender.  (3) If a receiving bank executes the payment order of the sender by issuing a payment order to a beneficiary different from the beneficiary of the sender's order and the funds transfer is completed on the basis of that error, the sender of the payment order that was erroneously executed and all previous senders in the funds transfer are not obliged to pay the payment orders they issued. The issuer of the erroneous order is entitled to recover from the beneficiary of the order the payment received to the extent allowed by the law governing mistake and restitution. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4804 (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-3 - Part 3 Execution of Sender's Payment Order by Receiving Bank (440.4801...440.4805)|Section 440.4804 - Notification From Receiving Bank of Erroneously Executed Payment Order; Duties of Sender; Obligation to Pay Interest; Recovery by Bank Prohibited.

440.4804 Notification from receiving bank of erroneously executed payment order; duties of sender; obligation to pay interest; recovery by bank prohibited. Sec. 4A304.  If the sender of a payment order that is erroneously executed as stated in section 4A303 receives notification from the receiving bank that the order was executed or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding 90 days after the notification from the bank was received by the sender. If the sender fails to perform that duty, the bank is not obliged to pay interest on any amount refundable to the sender under section 4A402(4) for the period before the bank learns of the execution error. The bank is not entitled to any recovery from the sender on account of a failure by the sender to perform the duty stated in this section. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4805 (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-3 - Part 3 Execution of Sender's Payment Order by Receiving Bank (440.4801...440.4805)|Section 440.4805 - Receiving Bank; Payment Delay; Interest; Liability to Originator for Expenses Resulting From Improper Execution; Recovery of Damages; Failure to Execute Pursuant to Express Agreement; Attorney Fees; Liability of Bank Under Subsections (1) and (2) Not Varied by Agreement.

440.4805 Receiving bank; payment delay; interest; liability to originator for expenses resulting from improper execution; recovery of damages; failure to execute pursuant to express agreement; attorney fees; liability of bank under subsections (1) and (2) not varied by agreement. Sec. 4A305.  (1) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of section 4A302 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the period of delay caused by the improper execution. Except as provided in subsection (3), additional damages are not recoverable.  (2) If execution of a payment order by a receiving bank in breach of section 4A302 results in noncompletion of the funds transfer, failure to use an intermediary bank designated by the originator, or issuance of a payment order that does not comply with the terms of the payment order of the originator, the bank is liable to the originator for its expenses in the funds transfer and for incidental expenses and interest losses, to the extent not covered by subsection (1), resulting from the improper execution. Except as provided in subsection (3), additional damages are not recoverable.  (3) In addition to the amounts payable under subsections (1) and (2), damages, including consequential damages, are recoverable to the extent provided in an express written agreement of the receiving bank.  (4) If a receiving bank fails to execute a payment order it was obliged by express agreement to execute, the receiving bank is liable to the sender for its expenses in the transaction and for incidental expenses and interest losses resulting from the failure to execute. Additional damages, including consequential damages, are recoverable to the extent provided in an express written agreement of the receiving bank, but are not otherwise recoverable.  (5) Reasonable attorney's fees are recoverable if demand for compensation under subsection (1) or (2) is made and refused before an action is brought on the claim. If a claim is made for breach of an agreement under subsection (4) and the agreement does not provide for damages, reasonable attorney's fees are recoverable if demand for compensation under subsection (4) is made and refused before an action is brought on the claim.  (6) Except as stated in this section, the liability of a receiving bank under subsections (1) and (2) may not be varied by agreement. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4901 (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-4 - Part 4 Payment (440.4901...440.4906)|Section 440.4901 - “Payment Date” Defined.

440.4901 “Payment date” defined. Sec. 4A401.  "Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary's bank and, unless otherwise determined, is the day the order is received by the beneficiary's bank. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4902 (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-4 - Part 4 Payment (440.4901...440.4906)|Section 440.4902 - Payment Order Issued to Beneficiary or Receiving Bank Subject to MCL 440.4705 and 440.4707; Payment by Sender; Refund; Right of Sender Executing Payment Order to Receive or Retain Payment; Right of Sender to Be Excused From Obligation to Pay or Receive Refund Not Varied by Agreement.

440.4902 Payment order issued to beneficiary or receiving bank subject to MCL 440.4705 and 440.4707; payment by sender; refund; right of sender executing payment order to receive or retain payment; right of sender to be excused from obligation to pay or receive refund not varied by agreement. Sec. 4A402.  (1) This section is subject to sections 4A205 and 4A207.   (2) With respect to a payment order issued to the beneficiary's bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but payment is not due until the payment date of the order.  (3) This subsection is subject to subsection (5) and to section 4A303. With respect to a payment order issued to a receiving bank other than the beneficiary's bank, acceptance of the order by the receiving bank obliges the sender to pay the bank the amount of the sender's order. Payment by the sender is not due until the execution date of the sender's order. The obligation of that sender to pay its payment order is excused if the funds transfer is not completed by acceptance by the beneficiary's bank of a payment order instructing payment to the beneficiary of that sender's payment order.  (4) If the sender of a payment order pays the order and was not obliged to pay all or part of the amount paid, the bank receiving payment is obliged to refund payment to the extent the sender was not obliged to pay. Except as provided in sections 4A204 and 4A304, interest is payable on the refundable amount from the date of payment.  (5) If a funds transfer is not completed as stated in subsection (3) and an intermediary bank is obliged to refund payment as stated in subsection (4) but is unable to do so because not permitted by applicable law or because the bank suspends payments, a sender in the funds transfer that executed a payment order in compliance with an instruction, as stated in section 4A302(1)(a), to route the funds transfer through that intermediary bank is entitled to receive or retain payment from the sender of the payment order that it accepted. The first sender in the funds transfer that issued an instruction requiring routing through that intermediary bank is subrogated to the right of the bank that paid the intermediary bank to refund as stated in subsection (4).  (6) The right of the sender of a payment order to be excused from the obligation to pay the order as stated in subsection (3) or to receive refund under subsection (4) may not be varied by agreement. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4906 (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-4 - Part 4 Payment (440.4901...440.4906)|Section 440.4906 - Originator of Funds Transfer; Conditions for Payment to Beneficiary; Satisfaction and Discharge of Obligation; Determination; Rights Varied by Agreement.

440.4906 Originator of funds transfer; conditions for payment to beneficiary; satisfaction and discharge of obligation; determination; rights varied by agreement. Sec. 4A406.  (1) Subject to sections 4A211(5), 4A405(4), and 4A405(5), the originator of a funds transfer pays the beneficiary of the originator's payment order (i) at the time a payment order for the benefit of the beneficiary is accepted by the beneficiary's bank in the funds transfer and (ii) in an amount equal to the amount of the order accepted by the beneficiary's bank, but not more than the amount of the originator's order.  (2) If payment under subsection (1) is made to satisfy an obligation, the obligation is discharged to the same extent discharge would result from payment to the beneficiary of the same amount in money, unless (i) the payment under subsection (1) was made by a means prohibited by the contract of the beneficiary with respect to the obligation, (ii) the beneficiary, within a reasonable time after receiving notice of receipt of the order by the beneficiary's bank, notified the originator of the beneficiary's refusal of the payment, (iii) funds with respect to the order were not withdrawn by the beneficiary or applied to a debt of the beneficiary, and (iv) the beneficiary would suffer a loss that could reasonably have been avoided if payment had been made by a means complying with the contract. If payment by the originator does not result in discharge under this section, the originator is subrogated to the rights of the beneficiary to receive payment from the beneficiary's bank under section 4A404(1).  (3) For the purpose of determining whether discharge of an obligation occurs under subsection (2), if the beneficiary's bank accepts a payment order in an amount equal to the amount of the originator's payment order less charges of 1 or more receiving banks in the funds transfer, payment to the beneficiary is deemed to be in the amount of the originator's order unless upon demand by the beneficiary the originator does not pay the beneficiary the amount of the deducted charges.  (4) Rights of the originator or of the beneficiary of a funds transfer under this section may be varied only by agreement of the originator and the beneficiary.  History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4951 (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 440.4951 - Rights and Obligations of Party to Funds Transfer Varied by Agreement of Affected Party; “Funds-Transfer System Rule” Defined.

440.4951 Rights and obligations of party to funds transfer varied by agreement of affected party; “funds-transfer system rule” defined. Sec. 4A501.  (1) Except as otherwise provided in this article, the rights and obligations of a party to a funds transfer may be varied by agreement of the affected party.  (2) "Funds-transfer system rule" means a rule of an association of banks (i) governing transmission of payment orders by means of a funds-transfer system of the association or rights and obligations with respect to those orders, or (ii) to the extent the rule governs rights and obligations between banks that are parties to a funds transfer in which a federal reserve bank, acting as an intermediary bank, sends a payment order to the beneficiary's bank. Except as otherwise provided in this article, a funds-transfer system rule governing rights and obligations between participating banks using the system may be effective even if the rule conflicts with this article and indirectly affects another party to the funds transfer who does not consent to the rule. A funds-transfer system rule may also govern rights and obligations of parties other than participating banks using the system to the extent stated in sections 4A404(3), 4A405(4), and 4A507(3). History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4952 (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 440.4952 - “Creditor Process” Defined and Explained.

440.4952 “Creditor process” defined and explained. Sec. 4A502.  (1) As used in this section, "creditor process" means levy, attachment, garnishment, notice of lien, sequestration, or similar process issued by or on behalf of a creditor or other claimant with respect to an account.  (2) This subsection applies to creditor process with respect to an authorized account of the sender of a payment order if the creditor process is served on the receiving bank. For the purpose of determining rights with respect to the creditor process, if the receiving bank accepts that payment order the balance in the authorized account is deemed to be reduced by the amount of the payment order to the extent the bank did not otherwise receive payment of the order, unless the creditor process is served at a time and in a manner affording the bank a reasonable opportunity to act on it before the bank accepts the payment order.  (3) If a beneficiary's bank has received a payment order for payment to the beneficiary's account in the bank, the following rules apply:   (a) The bank may credit the beneficiary's account. The amount credited may be set off against an obligation owed by the beneficiary to the bank or may be applied to satisfy creditor process served on the bank with respect to the account.  (b) The bank may credit the beneficiary's account and allow withdrawal of the amount credited unless creditor process with respect to the account is served at a time and in a manner affording the bank a reasonable opportunity to act to prevent withdrawal.  (c) If creditor process with respect to the beneficiary's account has been served and the bank has had a reasonable opportunity to act on it, the bank may not reject the payment order except for a reason unrelated to the service of process.  (4) Creditor process with respect to a payment by the originator to the beneficiary pursuant to a funds transfer may be served only on the beneficiary's bank with respect to the debt owed by that bank to the beneficiary. Any other bank served with the creditor process is not obliged to act with respect to the process. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4953 (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 440.4953 - Powers of Court With Respect to Funds Transfer.

440.4953 Powers of court with respect to funds transfer. Sec. 4A503.  For proper cause and in compliance with applicable law, a court may restrain (i) a person from issuing a payment order to initiate a funds transfer, (ii) an originator's bank from executing the payment order of the originator, or (iii) the beneficiary's bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds. A court may not otherwise restrain a person from issuing a payment order, paying or receiving payment of a payment order, or otherwise acting with respect to a funds transfer. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4954 (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 440.4954 - Receiving Bank; Authority to Charge Sender's Account; Credits.

440.4954 Receiving bank; authority to charge sender's account; credits. Sec. 4A504.  (1) If a receiving bank has received more than 1 payment order of the sender or 1 or more payment orders and other items that are payable from the sender's account, the bank may charge the sender's account with respect to the various orders and items in any sequence.  (2) In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied.  History: Add. 1992, Act 100, Imd. Eff. June 25, 1992
MI Comp L § 440.4955 (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 440.4955 - Customer Objection to Payment; Notification Required.

440.4955 Customer objection to payment; notification required. Sec. 4A505.  If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment unless the customer notifies the bank of the customer's objection to the payment within 1 year after the notification was received by the customer. History: Add. 1992, Act 100, Imd. Eff. June 25, 1992