reglab/housing_qa huggingface dataset:
MI Comp L § 440.3505 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-5 - Part 5 Dishonor (440.3501...440.3511)|Section 440.3505 - Admissible Evidence Creating Presumption of Dishonor; Protest.

440.3505 Admissible evidence creating presumption of dishonor; protest. Sec. 3505.  (1) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated:  (a) A document regular in form as provided in subsection (2) which purports to be a protest.  (b) A purported stamp or writing of the drawee, payor bank, or presenting bank on or accompanying the instrument stating that acceptance or payment has been refused unless reasons for the refusal are stated and the reasons are not consistent with dishonor.  (c) A book or record of the drawee, payor bank, or collecting bank, kept in the usual course of business which shows dishonor, even if there is no evidence of who made the entry.  (2) A protest is a certificate of dishonor made by a United States consul or vice consul, or a notary public or other person authorized to administer oaths by the law of the place where dishonor occurs. It may be made upon information satisfactory to that person. The protest must identify the instrument and certify either that presentment has been made or, if not made, the reason why it was not made, and that the instrument has been dishonored by nonacceptance or nonpayment. The protest may also certify that notice of dishonor has been given to some or all parties. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3506-440.3511 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-5 - Part 5 Dishonor (440.3501...440.3511)|Section 440.3506-440.3511 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993.

440.3506-440.3511 Repealed. 1993, Act 130, Eff. Sept. 30, 1993. Compiler's Notes: The repealed sections pertained to presentment, dishonor, notice of dishonor, and protest.
MI Comp L § 440.3601 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-6 - Part 6 Discharge and Payment (440.3601...440.3606)|Section 440.3601 - Discharge; Effect Against Holder in Due Course.

440.3601 Discharge; effect against holder in due course. Sec. 3601.  (1) The obligation of a party to pay the instrument is discharged as stated in this article or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract.  (2) Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3603 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-6 - Part 6 Discharge and Payment (440.3601...440.3606)|Section 440.3603 - Tender of Payment; Effect; Refusal of Tender as Discharge; Interest; Obligor Ready and Able to Pay on Due Date.

440.3603 Tender of payment; effect; refusal of tender as discharge; interest; obligor ready and able to pay on due date. Sec. 3603.  (1) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract.  (2) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender, of the obligation of an endorser or accommodation party having a right of recourse with respect to the obligation to which the tender relates.  (3) If tender of payment of an amount due on an instrument is made to a person entitled to enforce the instrument, the obligation of the obligor to pay interest after the due date on the amount tendered is discharged. If presentment is required with respect to an instrument and the obligor is able and ready to pay on the due date at every place of payment stated in the instrument, the obligor is deemed to have made tender of payment on the due date to the person entitled to enforce the instrument. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.3604 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-6 - Part 6 Discharge and Payment (440.3601...440.3606)|Section 440.3604 - Discharge by Intentional Voluntary Act; Canceling or Striking Out Endorsement; "Signed" Defined.

440.3604 Discharge by intentional voluntary act; canceling or striking out endorsement; "signed" defined.Sec. 3604.  (1) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument (i) by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or cancellation of the instrument, cancellation or striking out of the party's signature, or the addition of words to the instrument indicating discharge, or (ii) by agreeing not to sue or otherwise renouncing rights against the party by a signed record.  (2) Cancellation or striking out of an endorsement pursuant to subsection (1) does not affect the status and rights of a party derived from the endorsement.  (3) As used in this section, "signed", with respect to a record that is not a writing, includes the attachment to or logical association with the record of an electronic symbol, sound, or process with the present intent to adopt or accept the record. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993 ;-- Am. 2014, Act 101, Imd. Eff. Apr. 10, 2014
MI Comp L § 440.3606 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-6 - Part 6 Discharge and Payment (440.3601...440.3606)|Section 440.3606 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993.

440.3606 Repealed. 1993, Act 130, Eff. Sept. 30, 1993. Compiler's Notes: The repealed section pertained to discharge, impairment of recourse or of collateral, and express reservation.
MI Comp L § 440.3701 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-7 - Part 7 Advice of International Sight Draft (440.3701...440.3701)|Section 440.3701 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993.

440.3701 Repealed. 1993, Act 130, Eff. Sept. 30, 1993. Compiler's Notes: The repealed section pertained to international sight draft and letter of advice.
MI Comp L § 440.3801-440.3805 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 3 - Negotiable Instruments (440.3101...440.3805)|174-1962-3-8 - Part 8 Miscellaneous (440.3801...440.3805)|Section 440.3801-440.3805 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993.

440.3801-440.3805 Repealed. 1993, Act 130, Eff. Sept. 30, 1993. Compiler's Notes: The repealed sections pertained to negotiation, endorsement, acceptance, payment, and discharge of drafts; effect of instrument on underlying obligation; notice of litigation to third party; lost, destroyed, or stolen instruments; and instruments not payable to order or bearer.
MI Comp L § 440.4101 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-1 - Part 1 General Provisions and Definitions (440.4101...440.4111)|Section 440.4101 - Uniform Commercial Code—bank Deposits and Collections; Short Title.

440.4101 Uniform commercial code—bank deposits and collections; short title. Sec. 4101.  This article shall be known and may be cited as uniform commercial code—bank deposits and collections. History: 1962, Act 174, Eff. Jan. 1, 1964
MI Comp L § 440.4102 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-1 - Part 1 General Provisions and Definitions (440.4101...440.4111)|Section 440.4102 - Conflict of Laws; Provisions Applicable.

440.4102 Conflict of laws; provisions applicable.  Sec. 4102.  (1) To the extent that items within this article are also within articles 3 and 8, they are subject to those articles. If there is conflict, this article governs article 3 but article 8 governs this article.  (2) The liability of a bank for action or non-action with respect to an item handled by it for purposes of presentment, payment, or collection is governed by the law of the place where the bank is located. In the case of action or non-action by or at a branch or separate office of a bank, its liability is governed by the law of the place where the branch or separate office is located. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4103 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-1 - Part 1 General Provisions and Definitions (440.4101...440.4111)|Section 440.4103 - Variation by Agreement; Measure of Damages; Action Constituting Ordinary Care.

440.4103 Variation by agreement; measure of damages; action constituting ordinary care. Sec. 4103.  (1) The effect of the provisions of this article may be varied by agreement but the parties to the agreement cannot disclaim a bank's responsibility for its lack of good faith or failure to exercise ordinary care or limit the measure of damages for the lack or failure. However, the parties may determine by agreement the standards by which the bank's responsibility is to be measured if those standards are not manifestly unreasonable.  (2) Federal Reserve regulations and operating circulars, clearing-house rules, and the like have the effect of agreements under subsection (1), whether or not specifically assented to by all parties interested in items handled.  (3) Action or non-action approved by this article or pursuant to Federal Reserve regulations or operating circulars is the exercise of ordinary care and, in the absence of special instructions, action or non-action consistent with clearing-house rules and the like or with a general banking usage not disapproved by this article, is prima facie the exercise of ordinary care.  (4) The specification or approval of certain procedures by this article is not disapproval of other procedures which may be reasonable under the circumstances.  (5) The measure of damages for failure to exercise ordinary care in handling an item is the amount of the item reduced by an amount that could not have been realized by the exercise of ordinary care. If there is also bad faith, it includes any other damages the party suffered as a proximate consequence. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4105 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-1 - Part 1 General Provisions and Definitions (440.4101...440.4111)|Section 440.4105 - Additional Definitions.

440.4105 Additional definitions. Sec. 4105.  As used in this article unless the context otherwise requires:  (a) "Bank" means a person engaged in the business of banking, including a saving bank, saving and loan association, credit union, or trust company.  (b) "Depositary bank" means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter.   (c) "Payor bank" means a bank that is the drawee of a draft.  (d) "Intermediary bank" means a bank to which an item is transferred in course of collection except the depositary or payor bank.  (e) "Collecting bank" means a bank handling the item for collection except the payor bank.  (f) "Presenting bank" means a bank presenting an item except a payor bank. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4106 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-1 - Part 1 General Provisions and Definitions (440.4101...440.4111)|Section 440.4106 - “Payable Through” and “Payable At” Explained; Bank as Collecting Bank.

440.4106 “Payable through” and “payable at” explained; bank as collecting bank. Sec. 4106.  (1) If an item states that it is "payable through" a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.   (2) If an item states that it is "payable at" a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.  (3) If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting bank, the bank is a collecting bank. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1964, Act 250, Eff. Aug. 28, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4107 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-1 - Part 1 General Provisions and Definitions (440.4101...440.4111)|Section 440.4107 - Bank Branch or Separate Office as Separate Bank.

440.4107 Bank branch or separate office as separate bank. Sec. 4107.  A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken or notices or orders shall be given under this article and under article 3. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4108 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-1 - Part 1 General Provisions and Definitions (440.4101...440.4111)|Section 440.4108 - Time of Receipt of Items.

440.4108 Time of receipt of items. Sec. 4108.  (1) For the purpose of allowing time to process items, prove balances and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of 2 P.M. or later as a cut-off hour for the handling of money and items and the making of entries on its books.  (2) An item or deposit of money received on any day after a cut-off hour so fixed or after the close of the banking day may be treated as being received at the opening of the next banking day. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4109 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-1 - Part 1 General Provisions and Definitions (440.4101...440.4111)|Section 440.4109 - Collecting Bank; Waiving, Modifying, or Extending Time Limits; Excuse for Delay.

440.4109 Collecting bank; waiving, modifying, or extending time limits; excuse for delay. Sec. 4109.  (1) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank and with or without the approval of any person involved, may waive, modify, or extend time limits imposed or permitted by this act for a period not exceeding 2 additional banking days without discharge of drawers or endorsers or liability to its transferor or any prior party.   (2) Delay by a collecting bank or payor bank beyond time limits prescribed or permitted by this act or by instructions is excused if (i) the delay is caused by interruption of communication or computer facilities, suspension of payments by another bank, war, emergency conditions, failure of equipment, or other circumstances beyond the control of the bank and (ii) the bank exercises such diligence as the circumstances require. History: Add. 1964, Act 250, Eff. Aug. 28, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4110 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-1 - Part 1 General Provisions and Definitions (440.4101...440.4111)|Section 440.4110 - “Agreement for Electronic Presentment” Defined; Presentment Notice.

440.4110 “Agreement for electronic presentment” defined; presentment notice. Sec. 4110.  (1) "Agreement for electronic presentment" means an agreement, clearing-house rule, or Federal Reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item ("presentment notice") rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor, and other matters concerning items subject to the agreement.  (2) Presentment of an item pursuant to an agreement for presentment is made when the presentment notice is received.  (3) If presentment is made by presentment notice, a reference to "item" or "check" in this article means the presentment notice unless the context otherwise indicates. History: Add. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4111 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-1 - Part 1 General Provisions and Definitions (440.4101...440.4111)|Section 440.4111 - Commencement of Action Under Article; Time Period.

440.4111 Commencement of action under article; time period. Sec. 4111.  An action to enforce an obligation, duty, or right arising under this article must be commenced within 3 years after the cause of action accrues. History: Add. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4201 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-2 - Part 2 Collection of Items: Depositary and Collecting Banks (440.4201...440.4216)|Section 440.4201 - Agency Status of Banks; Provisional Status of Credits; Applicability of Article; Endorsement With Pay Any Bank.

440.4201 Agency status of banks; provisional status of credits; applicability of article; endorsement with pay any bank.  Sec. 4201.  (1) Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes final, the bank, with respect to the item, is an agent or sub-agent of the owner of the item and any settlement given for the item is provisional. This provision applies regardless of the form of indorsement or lack of indorsement and even though credit given for the item is subject to immediate withdrawal as of right or is in fact withdrawn; but the continuance of ownership of an item by its owner and any rights of the owner to proceeds of the item are subject to rights of a collecting bank, such as those resulting from outstanding advances on the item and rights of setoff. If an item is handled by banks for purposes of presentment, payment, collection, or return, the relevant provisions of this article apply even though action of parties clearly establishes that a particular bank has purchased the item and is the owner of it.  (2) After an item has been indorsed with the words "pay any bank" or the like, only a bank may acquire the rights of a holder until the item has been either of the following:  (a) Returned to the customer initiating collection.  (b) Specially endorsed by a bank to a person who is not a bank. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4202 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-2 - Part 2 Collection of Items: Depositary and Collecting Banks (440.4201...440.4216)|Section 440.4202 - Collecting Bank; Duties; Exercising Ordinary Care; Liability.

440.4202 Collecting bank; duties; exercising ordinary care; liability. Sec. 4202.  (1) A collecting bank must exercise ordinary care in all of the following:  (a) Presenting an item or sending it for presentment.  (b) Sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank's transferor after learning that the item has not been paid or accepted, as the case may be.  (c) Settling for an item when the bank receives final settlement.  (d) Notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof.  (2) A collecting bank exercises ordinary care under subsection (1) by taking proper action before its midnight deadline following receipt of an item, notice, or settlement. Taking proper action within a reasonably longer time may constitute the exercise of ordinary care, but the bank has the burden of establishing timeliness.  (3) Subject to subsection (1)(a), a bank is not liable for the insolvency, neglect, misconduct, mistake, or default of another bank or person or for loss or destruction of an item in the possession of others or in transit. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
MI Comp L § 440.4203 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 4 - Bank Deposits and Collections (440.4101...440.4504)|174-1962-4-2 - Part 2 Collection of Items: Depositary and Collecting Banks (440.4201...440.4216)|Section 440.4203 - Collecting Bank; Instructions From Transferor.

440.4203 Collecting bank; instructions from transferor. Sec. 4203.  Subject to article 3 concerning conversion of instruments (section 3420) and restrictive endorsements (section 3206) only a collecting bank's transferor can give instructions that affect the bank or constitute notice to it, and a collecting bank is not liable to prior parties for any action taken pursuant to the instructions or in accordance with any agreement with its transferor. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993