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Michigan Legislature
Michigan Compiled Laws Complete Through PA 123 of 2019
House: Adjourned until Tuesday, December 10, 2019 1:30:00 PM
Senate: Adjourned until Tuesday, December 10, 2019 10:00:00 AM


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NOTE: Dates reflect any modification to item, not necessarily a change in law.

Chapter 440 - UNIFORM COMMERCIAL CODE
Act 100 of 1913 ‑ Repealed-UNIFORM SALES ACT (440.1 - 440.78)
Act 174 of 1962 ‑ UNIFORM COMMERCIAL CODE (440.1101 - 440.11102)
     174‑1962‑1 ‑ ARTICLE 1 GENERAL PROVISIONS (440.1101...440.1310)
          174‑1962‑1‑1 ‑ PART 1 SHORT TITLE, CONSTRUCTION, APPLICATION AND SUBJECT MATTER OF THE ACT (440.1101...440.1108)
               Section 440.1101 ‑ Uniform commercial code; short title of act; heading of article.
               Section 440.1102 ‑ Applicability of articles.
               Section 440.1103 ‑ Construction of act.
               Section 440.1104 ‑ Construction of act as to implied repeal by subsequent legislation.
               Section 440.1105 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
               Section 440.1106 ‑ Meanings.
               Section 440.1107 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
               Section 440.1108 ‑ Electronic signatures.
          174‑1962‑1‑2 ‑ PART 2 GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION (440.1201...440.1211)
               Section 440.1201 ‑ Definitions.
               Section 440.1202 ‑ Definitions.
               Section 440.1203 ‑ Transaction in form of lease; "remaining economic life of the goods" and "reasonably predictable" fair market rent, fair market value, or cost of performing under lease agreement; determination.
               Section 440.1204 ‑ Value for rights.
               Section 440.1205 ‑ Time for taking action.
               Section 440.1206 ‑ Presumption.
               Section 440.1207 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
               Section 440.1208 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
               Section 440.1209 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
               Section 440.1210 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
               Section 440.1211 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
          174‑1962‑1‑3 ‑ PART 3 TERRITORIAL APPLICABILITY AND GENERAL RULES (440.1301...440.1310)
               Section 440.1301 ‑ Applicability of law of this state or other state or nation; applicability of act to transactions bearing relation to state; provisions specifying applicable law.
               Section 440.1302 ‑ Agreements; "unless otherwise agreed"; implication.
               Section 440.1303 ‑ Course of performance, course of dealing, or usage of trade.
               Section 440.1304 ‑ Good faith obligation.
               Section 440.1305 ‑ Administration of remedies; enforcement of right or obligation.
               Section 440.1306 ‑ Claim or right arising out of alleged breach; discharge.
               Section 440.1307 ‑ Prima facie evidence of certain documents.
               Section 440.1308 ‑ Performance or promise of performance; effect of reservation of rights; applicability of subsection (1) to accord and satisfaction.
               Section 440.1309 ‑ Accelerating payment or performance or requiring collateral or additional collateral.
               Section 440.1310 ‑ Subordination.
     174‑1962‑2 ‑ ARTICLE 2 SALES (440.2101...440.2725)
          174‑1962‑2‑1 ‑ PART 1 SHORT TITLE, GENERAL CONSTRUCTION AND SUBJECT MATTER (440.2101...440.2107)
               Section 440.2101 ‑ Uniform commercial code—sales; short title.
               Section 440.2102 ‑ Application of article; security and other transactions excluded.
               Section 440.2103 ‑ Article 2; definitions.
               Section 440.2104 ‑ “Merchant," “financing agency,” and “between merchants” defined.
               Section 440.2105 ‑ Goods, lot, commercial unit; definitions.
               Section 440.2106 ‑ Contract, agreement, contract for sale, sale, present sale; definitions of certain terms.
               Section 440.2107 ‑ Contract for sale of property removable or severable from realty as contract for sale of goods; third party rights; execution and recording as notice to third parties.
          174‑1962‑2‑2 ‑ PART 2 FORM, FORMATION AND READJUSTMENT OF CONTRACTS (440.2201...440.2210)
               Section 440.2201 ‑ Formal requirements; statute of frauds.
               Section 440.2202 ‑ Final written expression of agreement; parol or extrinsic evidence.
               Section 440.2203 ‑ Seals.
               Section 440.2204 ‑ Contract for sale; formation, conduct, time, open terms.
               Section 440.2205 ‑ Firm offers.
               Section 440.2206 ‑ Offer and acceptance in formation of contract.
               Section 440.2207 ‑ Additional or different terms in acceptance; contract by conduct.
               Section 440.2208 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
               Section 440.2209 ‑ Modification; rescission; waiver, retraction.
               Section 440.2210 ‑ Delegation of performance; assignment of rights.
          174‑1962‑2‑3 ‑ PART 3 GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT (440.2301...440.2328)
               Section 440.2301 ‑ Obligations of seller and buyer.
               Section 440.2302 ‑ Unconscionable contract or clause.
               Section 440.2303 ‑ Allocation or division of risk or burden.
               Section 440.2304 ‑ Price; payment in money, goods, realty, or otherwise.
               Section 440.2305 ‑ Open price term; fixed price.
               Section 440.2306 ‑ Output of seller; requirement of buyer; exclusive dealing.
               Section 440.2307 ‑ Delivery in single lot or several lots; payment.
               Section 440.2308 ‑ Place for delivery of goods and documents of title.
               Section 440.2309 ‑ Time of performance; contract termination.
               Section 440.2310 ‑ Open time and place for payment or running of credit; shipment under reservation; inspection.
               Section 440.2311 ‑ Specification of performance; assortment and shipment of goods; remedies.
               Section 440.2312 ‑ Warranties of title; freedom from liens.
               Section 440.2313 ‑ Creation of express warranties by seller.
               Section 440.2313b ‑ Express warranty; extension; merchant or warrantor to give purchaser writing stating time period.
               Section 440.2314 ‑ Implied warranty; merchantability, course of dealing, usage of trade.
               Section 440.2315 ‑ Implied warranty; fitness for particular purpose.
               Section 440.2316 ‑ Words or conduct relevant to creation of express warranty and tending to negate or limit warranty; construction; excluding or modifying implied warranty of merchantability and implied warranty of fitness; language; example; limiting remedies for breach of warranty.
               Section 440.2317 ‑ Warranties; cumulation and conflict.
               Section 440.2318 ‑ Warranties; third party beneficiaries.
               Section 440.2319 ‑ F.O.B. and F.A.S. terms.
               Section 440.2320 ‑ C.I.F. and C. & F. terms.
               Section 440.2321 ‑ C.I.F. and C. & F. terms, net landed weights, delivered weights, out turn; warranty of condition on arrival, inspection before payment.
               Section 440.2322 ‑ Delivery exship.
               Section 440.2323 ‑ Overseas shipment; bill of lading, form.
               Section 440.2324 ‑ No arrival, no sale terms.
               Section 440.2325 ‑ Letter of credit or banker's credit; confirmed credit; definitions.
               Section 440.2326 ‑ Transaction as “sale on approval” or “sale or return” if delivered goods returnable by buyer; claims of creditors; effect of “or return” term of contract for sale; work of fine art not subject to claims of art dealer's creditors; “art dealer,”“commission,” and “fine art” defined.
               Section 440.2327 ‑ Sale on approval; sale or return; special incidents.
               Section 440.2328 ‑ Sale by auction; sale with reserve; forced sale.
          174‑1962‑2‑4 ‑ PART 4 TITLE, CREDITORS AND GOOD FAITH PURCHASERS (440.2401...440.2403)
               Section 440.2401 ‑ Passing of title; reservation for security; limited application of section; rejection; revesting.
               Section 440.2402 ‑ Rights of seller's creditors against sold goods.
               Section 440.2403 ‑ Purchasers and transferees; title, rights, and powers to transfer goods; entrusting.
          174‑1962‑2‑5 ‑ PART 5 PERFORMANCE (440.2501...440.2515)
               Section 440.2501 ‑ Special property and insurable interest in goods; identification of goods.
               Section 440.2502 ‑ Special property and insurable interest in goods.
               Section 440.2503 ‑ Tender of delivery by seller; shipment; destination; goods in possession of bailee; documents.
               Section 440.2504 ‑ Delivery by shipment; contract with carrier, documents, notice.
               Section 440.2505 ‑ Shipment with and without reservation by seller.
               Section 440.2506 ‑ Financing agency; rights; reimbursement.
               Section 440.2507 ‑ Tender of delivery; conditions, payment.
               Section 440.2508 ‑ Improper delivery; cure, replacement.
               Section 440.2509 ‑ Risk of loss; absence of breach.
               Section 440.2510 ‑ Risk of loss; effect of breach.
               Section 440.2511 ‑ Payment by buyer; tender, check.
               Section 440.2512 ‑ Payment by buyer; inspection, nonconforming goods.
               Section 440.2513 ‑ Inspection by buyer; time, expenses, place, method.
               Section 440.2514 ‑ Documents; delivery to drawee on acceptance or payment.
               Section 440.2515 ‑ Adjustment of dispute; preservation of evidence, inspection.
          174‑1962‑2‑6 ‑ PART 6 BREACH, REPUDIATION AND EXCUSE (440.2601...440.2616)
               Section 440.2601 ‑ Improper delivery; buyer's rights.
               Section 440.2602 ‑ Rejection of goods.
               Section 440.2603 ‑ Rejection of goods; merchant buyer's duties.
               Section 440.2604 ‑ Rejection of goods; buyer's options.
               Section 440.2605 ‑ Rejection of goods; failure of buyer to particularize defect.
               Section 440.2606 ‑ Acceptance of goods; occurrence.
               Section 440.2607 ‑ Acceptance of goods; effect; notice of breach; burden of establishing breach; notice of claim or litigation to person answerable.
               Section 440.2608 ‑ Acceptance of goods; revocation, time, notice, effect.
               Section 440.2609 ‑ Contract for sale; performance; insecurity, demand, assurance of due performance.
               Section 440.2610 ‑ Anticipatory repudiation.
               Section 440.2611 ‑ Anticipatory repudiation; retraction.
               Section 440.2612 ‑ Installment contract; breach.
               Section 440.2613 ‑ Casualty to identified goods; total loss; partial loss, option of buyer.
               Section 440.2614 ‑ Substituted performance; acceptance, payment.
               Section 440.2615 ‑ Failure of presupposed conditions; nondelivery, partial delivery, excuse.
               Section 440.2616 ‑ Procedure on notice claiming excuse.
          174‑1962‑2‑7 ‑ PART 7 REMEDIES (440.2701...440.2725)
               Section 440.2701 ‑ Collateral or ancillary contracts; remedies for breach.
               Section 440.2702 ‑ Insolvency of buyer; remedies of seller.
               Section 440.2703 ‑ Buyer's wrongful rejection, revocation of acceptance, or nonpayment; remedies of seller.
               Section 440.2704 ‑ Buyer's wrongful rejection, revocation of acceptance, or nonpayment; identification of goods; resale; salvage.
               Section 440.2705 ‑ Stoppage of delivery in transit or otherwise; conditions; notice to bailee.
               Section 440.2706 ‑ Buyer's wrongful rejection, revocation of acceptance, or nonpayment; resale by seller; recovery of loss; notice to buyer; profit.
               Section 440.2707 ‑ Person in the position of a seller.
               Section 440.2708 ‑ Nonacceptance or repudiation; seller's damages.
               Section 440.2709 ‑ Nonpayment; action for price, damages.
               Section 440.2710 ‑ Seller's incidental damages.
               Section 440.2711 ‑ Nondelivery, repudiation, rejection, or revocation of acceptance; buyer's remedies; security interest in goods.
               Section 440.2712 ‑ Cover; procurement of substitute goods; buyer's damages.
               Section 440.2713 ‑ Nondelivery or repudiation; buyer's damages.
               Section 440.2714 ‑ Accepted goods; buyer's damages for breach.
               Section 440.2715 ‑ Buyer's incidental and consequential damages.
               Section 440.2716 ‑ Specific performance; replevin; claim and delivery.
               Section 440.2717 ‑ Deduction of damages from price; notice.
               Section 440.2718 ‑ Liquidation and limitation of damages; restitution to buyers.
               Section 440.2719 ‑ Contractual modification or limitation of remedies.
               Section 440.2720 ‑ Cancellation, rescission, antecedent breach.
               Section 440.2721 ‑ Remedies for misrepresentation or fraud.
               Section 440.2722 ‑ Right of action against third party for injury to goods.
               Section 440.2723 ‑ Evidence of market price; time, place, surprise.
               Section 440.2724 ‑ Evidence of market price; market quotations, admissibility.
               Section 440.2725 ‑ Statute of limitations in contracts for sale; contractual reduction.
     174‑1962‑2A ‑ ARTICLE 2A LEASES (440.2801...440.2982)
          174‑1962‑2A‑1 ‑ PART 1 GENERAL PROVISIONS (440.2801...440.2810)
               Section 440.2801 ‑ Short title.
               Section 440.2802 ‑ Applicability of article.
               Section 440.2803 ‑ Definitions; sections; principles of construction and interpretation.
               Section 440.2804 ‑ Lease requirements; compliance with applicable statutes; effect of noncompliance with applicable statute.
               Section 440.2805 ‑ Certificate of title statute; compliance; applicable law.
               Section 440.2806 ‑ Choice of law; judicial forum.
               Section 440.2807 ‑ Discharge of claim or right without consideration.
               Section 440.2808 ‑ Unconscionable contract, clause, or conduct.
               Section 440.2809 ‑ Power to accelerate payment or performance or require collateral; good faith.
               Section 440.2810 ‑ Motor vehicle or trailer; transaction creating sale or security interest.
          174‑1962‑2A‑2 ‑ PART 2 FORMATION AND CONSTRUCTION OF LEASE CONTRACT (440.2851...440.2871)
               Section 440.2851 ‑ Lease contract; enforcement by action or defense; conditions; sufficiency of description or writing; determination of term.
               Section 440.2852 ‑ Final written expression; parol or extrinsic evidence.
               Section 440.2853 ‑ Effect of seal affixed to writing.
               Section 440.2854 ‑ Lease contract; sufficiency to show agreement; conduct; open terms.
               Section 440.2855 ‑ Firm offer; assurances to hold offer open.
               Section 440.2856 ‑ Offer to make lease contract; manner of acceptance; lapse.
               Section 440.2857 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
               Section 440.2858 ‑ Lease agreement; modification or rescission; waiver; retraction.
               Section 440.2859 ‑ Supply contract; extension of benefits of supplier promises and of warranties to lessee; limitations; effect of modification or rescission; retention of rights.
               Section 440.2860 ‑ Express warranties; creation.
               Section 440.2861 ‑ Warranty against claim or interest in goods; claim by way of infringement; specifications furnished by lessee.
               Section 440.2862 ‑ Implied warranty of merchantability; other implied warranties.
               Section 440.2863 ‑ Implied warranty of fitness for a particular purpose.
               Section 440.2864 ‑ Limiting, negating, excluding, or modifying warranties; construction of words or conduct.
               Section 440.2865 ‑ Inconsistent warranties; intent; rules of construction.
               Section 440.2866 ‑ Warranty; extension to persons in family, household, or to guest; exclusion, modification, or limitation.
               Section 440.2867 ‑ Lease contract; identification of goods; absence of explicit agreement.
               Section 440.2868 ‑ Lease contract; insurable interest in goods.
               Section 440.2869 ‑ Risk of loss; passage to lessee.
               Section 440.2870 ‑ Risk of loss; repudiation; default.
               Section 440.2871 ‑ Casualty to identified goods before delivery or risk of loss passes.
          174‑1962‑2A‑3 ‑ PART 3 EFFECT OF LEASE CONTRACT (440.2901...440.2911)
               Section 440.2901 ‑ Lease contract; enforcement.
               Section 440.2902 ‑ Applicability of article; title or possession.
               Section 440.2903 ‑ Security interest; creation; transfer; limitations; rights and remedies; delegation of duties or performance; liability; prohibition.
               Section 440.2904 ‑ Transfer from lessor to subsequent lessee; power; obtaining rights in ordinary course of business; entrustment; certificate of title.
               Section 440.2905 ‑ Transfer from lessee to buyer or sublessee; power; rights; buyer in ordinary course of business; entrustment; certificate of title.
               Section 440.2906 ‑ Materials or services provided with respect to goods subject to lease contract; lien; priority; exception.
               Section 440.2907 ‑ Creditor of lessee; rights; taking leasehold interest subject to security interest.
               Section 440.2908 ‑ Creditor of lessor or seller; lease or sale contract treated as void; fraudulent retention or possession of goods; security for preexisting claim.
               Section 440.2909 ‑ Definitions; lease of fixtures; priority of security interests; right to remove goods; reimbursement; perfection by filing financing statement as fixture filing.
               Section 440.2910 ‑ Goods as accessions; priority of interests; right to remove goods; reimbursement.
               Section 440.2911 ‑ Subordination by agreement.
          174‑1962‑2A‑4 ‑ PART 4 PERFORMANCE OF LEASE CONTRACT: REPUDIATED, SUBSTITUTED, AND EXCUSED (440.2931...440.2937)
               Section 440.2931 ‑ Lease contract; demanding adequate assurance of due performance; repudiation; determination of adequacy; acceptance of nonconforming delivery or payment.
               Section 440.2932 ‑ Repudiation of lease contract.
               Section 440.2933 ‑ Retraction of repudiation.
               Section 440.2934 ‑ Substituted performance; tender and acceptance; failure of payment due to government regulation.
               Section 440.2935 ‑ Substituted performance; delay or nondelivery; allocating production and deliveries; notification.
               Section 440.2936 ‑ Notification by lessor of delay or allocation; rights of lessee; lapse of lease contract.
               Section 440.2937 ‑ Finance lease other than consumer lease; effect of lessee's promises; acceptance of goods by lessee; enforcement; validity.
          174‑1962‑2A‑5 ‑ PART 5 DEFAULT (440.2951...440.2982)
               Section 440.2951 ‑ Default; rights and remedies; self-help; enforcement covering real property and goods.
               Section 440.2952 ‑ Notice of default or enforcement.
               Section 440.2953 ‑ Default; rights and remedies provided in lease agreement; optional remedies; liquidation, limitation, alteration or exclusion of consequential damages; collateral or ancillary obligations and promises.
               Section 440.2954 ‑ Liquidation of damages; reasonableness; restitution; setoff.
               Section 440.2955 ‑ Cancellation or termination of lease contract; discharge of executory obligations; material misrepresentation or fraud; rescission, rejection, or return of goods as bar to rights or remedies.
               Section 440.2956 ‑ Default; commencement and accrual of action; effect of termination; applicability of section to tolling of statute of limitations or causes of action accrued before effective date of article.
               Section 440.2957 ‑ Damages based on market rent.
               Section 440.2958 ‑ Default by lessor; rights and remedies; breach of warranty; security interest for rent, security, and expenses; deduction of damages from rent due.
               Section 440.2959 ‑ Failure of goods or tender or delivery to conform to lease contract; rights of lessee; effectiveness of rejection of goods.
               Section 440.2960 ‑ Installment lease contract; rejecting nonconforming delivery; conditions requiring acceptance; reinstatement of lease contract.
               Section 440.2961 ‑ Rejection of goods in merchant lessee's possession or control; duties of merchant lessee; right to reimbursement; good faith conduct; purchaser in good faith.
               Section 440.2962 ‑ Rejection of goods in lessee's possession; rights and obligations of lessee.
               Section 440.2963 ‑ Rejection of goods before expiration of time for performance; rights of lessor or supplier.
               Section 440.2964 ‑ Rejection of goods; failure of lessee to state particular defect or reserve rights when paying consideration against documents; effect.
               Section 440.2965 ‑ Acceptance of goods; opportunity to inspect; conduct; accepting part of unit.
               Section 440.2966 ‑ Acceptance of goods; rent; revocation prohibited; exception; acceptance of tender; effect of suit against lessee for breach of warranty or other obligation; infringement.
               Section 440.2967 ‑ Revoking acceptance of nonconforming lot or commercial unit; conditions; notification; rights and duties of lessee.
               Section 440.2968 ‑ Default by lessor; cover; damages.
               Section 440.2969 ‑ Nondelivery or repudiation by lessor; rejection or revocation of acceptance by lessee; damages; measure of damages for market rent, nonconforming tender or delivery, or breach of warranty.
               Section 440.2970 ‑ Default by lessor; incidental and consequential damages.
               Section 440.2971 ‑ Specific performance.
               Section 440.2972 ‑ Insolvency of lessor; recovery of conforming goods after receipt of first installment of rent and security.
               Section 440.2973 ‑ Wrongful rejection or revocation; failure to make payment; repudiation; default; rights of lessor; damages; cancellation of lease.
               Section 440.2974 ‑ Additional rights of lessor aggrieved under MCL 440.2973(1).
               Section 440.2975 ‑ Insolvency of lessee; refusal to deliver goods; possession, availability, or disposition of goods; proceeding without judicial process.
               Section 440.2976 ‑ Insolvency of lessee; stopping delivery of goods in possession of bailee; conditions; notification; liability for charges or damages; obligation of carrier.
               Section 440.2977 ‑ Default; disposition of goods; damages based on new lease agreement; rights of subsequent good faith buyer or lessee; accounting for profit.
               Section 440.2978 ‑ Retention or disposition of goods by lessor; damages.
               Section 440.2979 ‑ Default by lessee; damages; holding identified goods for remaining lease term; disposition of goods by lessor; use and possession of goods by lessee; rent.
               Section 440.2980 ‑ Incidental damages.
               Section 440.2981 ‑ Third party causing injury.
               Section 440.2982 ‑ Additional damages.
     174‑1962‑3 ‑ ARTICLE 3 NEGOTIABLE INSTRUMENTS (440.3101...440.3805)
          174‑1962‑3‑1 ‑ PART 1 GENERAL PROVISIONS AND DEFINITIONS (440.3101...440.3122)
               Section 440.3101 ‑ Short title; article.
               Section 440.3102 ‑ Scope; limitations; conflict of laws.
               Section 440.3103 ‑ Definitions; principles of construction.
               Section 440.3104 ‑ Additional definitions.
               Section 440.3105 ‑ “Issue” and “issuer” defined; effect of unissued or conditionally issued instrument.
               Section 440.3106 ‑ Unconditional status of promise or order.
               Section 440.3107 ‑ Payment in foreign money.
               Section 440.3108 ‑ Instrument payable on demand, at definite time, or at fixed date.
               Section 440.3109 ‑ Promise or order; payable on demand; payable at definite time; instrument payable at fixed date.
               Section 440.3110 ‑ Determination of person payable; intent; signature by automated means; determining holder; instrument payable to 2 or more persons.
               Section 440.3111 ‑ Place of payment.
               Section 440.3112 ‑ Interest.
               Section 440.3113 ‑ Instrument antedated, postdated, or undated.
               Section 440.3114 ‑ Instrument; contradictory terms.
               Section 440.3115 ‑ Incomplete instrument; definition; enforcement; alteration; burden.
               Section 440.3116 ‑ Joint and several liability.
               Section 440.3117 ‑ Obligation modified, supplemented, or nullified by separate agreement.
               Section 440.3118 ‑ Action to enforce obligation; commencement; time period; other actions.
               Section 440.3119 ‑ Notice of litigation to answerable third party.
               Section 440.3120‑440.3122 ‑ Repealed. 1993, Act 130, Eff. Sept. 30, 1993.
          174‑1962‑3‑2 ‑ PART 2 NEGOTIATION, TRANSFER, AND ENDORSEMENT (440.3201...440.3208)
               Section 440.3201 ‑ Negotiation; definition; transfer of possession.
               Section 440.3202 ‑ Negotiation; effective although subject to rescission or other remedies.
               Section 440.3203 ‑ Transfer of instrument; delivery; rights of transferee; effect of transfer of less than entire instrument.
               Section 440.3204 ‑ “Endorsement” and “endorser” defined; transfer of security interest effective as unqualified endorsement; instrument payable to name other than holder.
               Section 440.3205 ‑ Special endorsement; blank endorsement; conversion; “anomalous endorsement” defined.
               Section 440.3206 ‑ Endorsement; limitation; condition; words indicating collection by bank; endorsee as agent, trustee, or other fiduciary; purchaser as holder in due course; exception; defense.
               Section 440.3207 ‑ Instrument; reacquisition.
               Section 440.3208 ‑ Repealed. 1993, Act 130, Eff. Sept. 30, 1993.
          174‑1962‑3‑3 ‑ PART 3 ENFORCEMENT OF INSTRUMENTS (440.3301...440.3312)
               Section 440.3301 ‑ Instrument; person entitled to enforce.
               Section 440.3302 ‑ Holder in due course; notice of discharge as effective against holder; rights of holder; time and manner of notice; section subject to law limiting status.
               Section 440.3303 ‑ Instrument issued or transferred for value; consideration.
               Section 440.3304 ‑ Instruments payable on demand or payable at definite time as overdue; conditions.
               Section 440.3305 ‑ Right to enforce obligation; defenses or claims available; statement; section subject to other law.
               Section 440.3306 ‑ Instrument; person subject to claim of property or possessory right.
               Section 440.3307 ‑ Fiduciary duty; breach.
               Section 440.3308 ‑ Establishing validity of signature; burden; right to payment subject to defense or claim in recoupment; holder in due course not subject to defense or claim.
               Section 440.3309 ‑ Enforcement of instrument in which loss of possession occurred.
               Section 440.3310 ‑ Certified check, cashier's check, or teller's check; discharge; note or uncertified check; suspension of obligation; other instruments.
               Section 440.3311 ‑ Discharge; tender as full satisfaction of claim.
               Section 440.3312 ‑ Definitions; asserting claim to amount of check by communication to obligated bank; delivery of declaration of loss; claim asserted in compliance with subsection (2); duties of claimant if presentment by holder in due course; rights of claimant with respect to check.
          174‑1962‑3‑4 ‑ PART 4 LIABILITY OF PARTIES (440.3401...440.3420)
               Section 440.3401 ‑ Liability; signature.
               Section 440.3402 ‑ Liability of parties; signature by authorized representative.
               Section 440.3403 ‑ Unauthorized signature; effect.
               Section 440.3404 ‑ Imposter; inducing issuance of instrument; endorsement in name of payee; failure to exercise ordinary care.
               Section 440.3405 ‑ Definitions; fraudulent endorsement by employee or person acting in concert with employee.
               Section 440.3406 ‑ Failure to exercise ordinary care contributing to alteration or forged instrument; allocation of loss; burden of proof.
               Section 440.3407 ‑ Alteration; definition; discharge of party affected; enforcement of rights.
               Section 440.3408 ‑ Check or draft; operation as assignment.
               Section 440.3409 ‑ Acceptance of draft; definition; operation; “certified check” defined; refusal to certify.
               Section 440.3410 ‑ Acceptance varying from terms of draft.
               Section 440.3411 ‑ Obligated bank; definition; refusal to pay check; expenses or damages not recoverable.
               Section 440.3412 ‑ Note, cashier's check, or other draft; obligation of issuer to pay according to terms.
               Section 440.3413 ‑ Draft; obligation to pay according to terms; amount.
               Section 440.3414 ‑ Applicability of section; unaccepted draft; dishonor; payment according to terms; acceptance by bank; discharge of drawer; obligation of drawer if acceptor not bank and draft dishonored; disclaimer of liability; suspension of payments after expiration of 30-day period.
               Section 440.3415 ‑ Dishonored instrument; obligation and liability of endorser.
               Section 440.3416 ‑ Transfer of instrument for consideration; endorsement; warranties.
               Section 440.3417 ‑ Presentment of unaccepted or dishonored draft; rights of parties.
               Section 440.3418 ‑ Payment or acceptance by mistake.
               Section 440.3419 ‑ Accommodation parties.
               Section 440.3420 ‑ Conversion.
          174‑1962‑3‑5 ‑ PART 5 DISHONOR (440.3501...440.3511)
               Section 440.3501 ‑ Presentment; definition; manner; rights of party to whom presentment is made.
               Section 440.3502 ‑ Notes and drafts; dishonor.
               Section 440.3503 ‑ Notice of dishonor; manner; sufficiency; time periods.
               Section 440.3504 ‑ Presentment, notice of dishonor, or delay in giving notice of dishonor; conditions for excuse.
               Section 440.3505 ‑ Admissible evidence creating presumption of dishonor; protest.
               Section 440.3506‑440.3511 ‑ Repealed. 1993, Act 130, Eff. Sept. 30, 1993.
          174‑1962‑3‑6 ‑ PART 6 DISCHARGE AND PAYMENT (440.3601...440.3606)
               Section 440.3601 ‑ Discharge; effect against holder in due course.
               Section 440.3602 ‑ Discharge; payment; "signed" defined.
               Section 440.3603 ‑ Tender of payment; effect; refusal of tender as discharge; interest; obligor ready and able to pay on due date.
               Section 440.3604 ‑ Discharge by intentional voluntary act; canceling or striking out endorsement; "signed" defined.
               Section 440.3605 ‑ Secondary obligor; rights and duties; agreement to modification or to extend time when payments are due; obligation secured by interest in collateral; discharge; impairing value of interest in collateral; knowledge of accommodation; consent or waiver of discharge; release or extension; burden of persuasion; presumption.
               Section 440.3606 ‑ Repealed. 1993, Act 130, Eff. Sept. 30, 1993.
          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.
          174‑1962‑3‑8 ‑ PART 8 MISCELLANEOUS (440.3801...440.3805)
               Section 440.3801‑440.3805 ‑ Repealed. 1993, Act 130, Eff. Sept. 30, 1993.
     174‑1962‑4 ‑ 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.
               Section 440.4102 ‑ Conflict of laws; provisions applicable.
               Section 440.4103 ‑ Variation by agreement; measure of damages; action constituting ordinary care.
               Section 440.4104 ‑ Definitions used in article.
               Section 440.4105 ‑ Additional definitions.
               Section 440.4106 ‑ “Payable through” and “payable at” explained; bank as collecting bank.
               Section 440.4107 ‑ Bank branch or separate office as separate bank.
               Section 440.4108 ‑ Time of receipt of items.
               Section 440.4109 ‑ Collecting bank; waiving, modifying, or extending time limits; excuse for delay.
               Section 440.4110 ‑ “Agreement for electronic presentment” defined; presentment notice.
               Section 440.4111 ‑ Commencement of action under article; time period.
          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.
               Section 440.4202 ‑ Collecting bank; duties; exercising ordinary care; liability.
               Section 440.4203 ‑ Collecting bank; instructions from transferor.
               Section 440.4204 ‑ Collecting bank; methods of sending items; presentment.
               Section 440.4205 ‑ Depositary bank; item delivered by customer for collection.
               Section 440.4206 ‑ Transfer between banks.
               Section 440.4207 ‑ Warranties of customer and collecting bank on transfer of items; accrual of cause of action.
               Section 440.4208 ‑ Presentment of unaccepted or dishonored draft; warranties of person obtaining payment and prior transferor; discharge; accrual of cause of action.
               Section 440.4209 ‑ Electronic presentment; encoding of information and retaining items; warranties; recovery of damages, expenses, and loss of interest.
               Section 440.4210 ‑ Security interest of collecting bank in items, accompanying documents, or proceeds.
               Section 440.4211 ‑ Bank with security interest as holder in due course.
               Section 440.4212 ‑ Presentment by notice of item not payable by, through, or at a bank; treating item as dishonored.
               Section 440.4213 ‑ Settlement; medium and time.
               Section 440.4214 ‑ Right to charge-back or refund.
               Section 440.4215 ‑ Final payment of items by payor bank; final credit; availability of credit for withdrawal.
               Section 440.4216 ‑ Payor or collecting bank; suspension of payments.
          174‑1962‑4‑3 ‑ PART 3 COLLECTION OF ITEMS: PAYOR BANKS (440.4301...440.4303)
               Section 440.4301 ‑ Demand items; recovery of settlement; time of dishonor; return of items.
               Section 440.4302 ‑ Payor bank; accountability upon presentment and receipt of item; defenses.
               Section 440.4303 ‑ Payor bank; items subject to knowledge notice, stop-payment order, legal process, or setoff; order in which times may be handled.
          174‑1962‑4‑4 ‑ PART 4 RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER (440.4401...440.4407)
               Section 440.4401 ‑ Payor bank; charge against customer's account.
               Section 440.4402 ‑ Payor bank; wrongful dishonor; liability to customer; determination of account balance.
               Section 440.4403 ‑ Customer's right to stop payment; lapse and renewal; burden of proof of loss.
               Section 440.4404 ‑ Payment of checks more than 6 months old.
               Section 440.4405 ‑ Death or incompetence of customer.
               Section 440.4406 ‑ Statement of account; identification of items paid; retention of items or copies; customer's duty to discover and report unauthorized signature or alteration; failure to comply with subsection (3); failure of bank to exercise ordinary care in paying item; time limitation.
               Section 440.4407 ‑ Improper payment; subrogation of payor bank.
          174‑1962‑4‑5 ‑ PART 5 COLLECTION OF DOCUMENTARY DRAFTS (440.4501...440.4504)
               Section 440.4501 ‑ Documentary draft; presentment, notice of dishonor.
               Section 440.4502 ‑ Documentary draft; presentment on arrival of goods, refusal for non-arrival; notice to transferor.
               Section 440.4503 ‑ Documentary draft; responsibility of presenting bank for documents and goods; report of reasons for dishonor; referees; expenses.
               Section 440.4504 ‑ Documentary draft; presenting bank's right to deal with goods; lien for expenses.
     174‑1962‑4A ‑ ARTICLE 4A FUNDS TRANSFERS (440.4601...440.4957)
          174‑1962‑4A‑1 ‑ PART 1 SUBJECT MATTERS AND DEFINITIONS (440.4601...440.4608)
               Section 440.4601 ‑ Short title.
               Section 440.4602 ‑ Applicability of article.
               Section 440.4603 ‑ Definitions; instruction as a separate payment order; issuance of payment order.
               Section 440.4604 ‑ Definitions.
               Section 440.4605 ‑ Definitions; sections where other definitions appear.
               Section 440.4606 ‑ Payment order or communication canceling or amending payment order; determining time of receipt.
               Section 440.4607 ‑ Regulations of federal reserve system as superseding article.
               Section 440.4608 ‑ Applicability of article to certain funds transfer; inconsistency; "electronic fund transfer act" defined.
          174‑1962‑4A‑2 ‑ PART 2 ISSUE AND ACCEPTANCE OF PAYMENT ORDER (440.4701...440.4712)
               Section 440.4701 ‑ “Security procedure” defined.
               Section 440.4702 ‑ Authorized payment order; verification by security procedure; determination of commercial reasonableness; “sender” defined; applicability of section to amendments and cancellations of payment orders; agreement to vary rights and obligations prohibited.
               Section 440.4703 ‑ Payment order effective pursuant to MCL 440.4702; application of rules; applicability of section to amendments of payment orders.
               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.
               Section 440.4705 ‑ Erroneous payment order; duty and liability of sender upon notification from receiving bank; applicability of section to amendments to payment orders.
               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.
               Section 440.4707 ‑ Payment order; identification of beneficiary; nonexistent or unidentifiable person or account; name and number identifying different persons; inconsistent identification by name and number; recovery of amount paid.
               Section 440.4708 ‑ Payment order; identification of intermediary or beneficiary bank; rules.
               Section 440.4709 ‑ Acceptance of payment order.
               Section 440.4710 ‑ Rejection of payment order.
               Section 440.4711 ‑ Communication by sender canceling or amending payment order; method of transmission; effectiveness; liability of sender for loss and expenses; revocation by death or legal incapacity; effectiveness of funds-transfer system rule.
               Section 440.4712 ‑ Receiving bank; failure to accept payment order; liability for breach of agreement to accept payment order.
          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.
               Section 440.4802 ‑ Receiving bank; acceptance of payment order pursuant to MCL 440.4709(1); obligations of bank to execute order; use of funds-transfer system; transmission by first-class mail or reasonable means; payment of charges for services and expenses.
               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.
               Section 440.4804 ‑ Notification from receiving bank of erroneously executed payment order; duties of sender; obligation to pay interest; recovery by bank prohibited.
               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.
          174‑1962‑4A‑4 ‑ PART 4 PAYMENT (440.4901...440.4906)
               Section 440.4901 ‑ “Payment date” defined.
               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.
               Section 440.4903 ‑ Sender's obligation under MCL 440.4902 to pay receiving bank; payment requirements; final settlement; satisfaction of sender's payment obligation.
               Section 440.4904 ‑ Beneficiary bank; acceptance of payment order subject to MCL 440.4711(5), 440.4905(4), and 440.4905(5); payment due date; refusal of bank to pay after demand; recovery of damages; instruction to pay to beneficiary's account; notice; interest; attorney fees; rights of beneficiary pursuant to agreement or funds-transfer system rule.
               Section 440.4905 ‑ Beneficiary bank; crediting account of beneficiary of payment order; payment of bank obligations under MCL 440.4904(1); time of payment; condition to payment or agreement; provisional payments to beneficiary under funds-transfer system rule; refund; applicability of subsection (5) to certain funds transfer.
               Section 440.4906 ‑ Originator of funds transfer; conditions for payment to beneficiary; satisfaction and discharge of obligation; determination; rights varied by agreement.
          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.
               Section 440.4952 ‑ “Creditor process” defined and explained.
               Section 440.4953 ‑ Powers of court with respect to funds transfer.
               Section 440.4954 ‑ Receiving bank; authority to charge sender's account; credits.
               Section 440.4955 ‑ Customer objection to payment; notification required.
               Section 440.4956 ‑ Receiving bank; determination of interest payable.
               Section 440.4957 ‑ Rights and obligations of parties; application of choice of law.
     174‑1962‑5 ‑ ARTICLE 5 LETTERS OF CREDIT (440.5101...440.5118)
          Section 440.5101 ‑ Uniform commercial code—letters of credit; short title of article.
          Section 440.5102 ‑ Definitions.
          Section 440.5103 ‑ Letters of credit; scope of article.
          Section 440.5104 ‑ Issuance; authentication.
          Section 440.5105 ‑ Consideration.
          Section 440.5106 ‑ Credit; issuance; enforcement; revocation; expiration.
          Section 440.5107 ‑ Confirmation; rights and obligations; request to advise; notice to transferee beneficiary.
          Section 440.5108 ‑ Honoring or dishonoring presentation.
          Section 440.5109 ‑ Forged or fraudulent document; injunction; findings of court.
          Section 440.5110 ‑ Warranties on presentment or transfer.
          Section 440.5111 ‑ Wrongful dishonor, repudiation, or breach; rights of claimant or applicant; liability of issuer, nominated person, or adviser; attorney fees; liquidated damages.
          Section 440.5112 ‑ Right to draw or demand performance under letter of credit; transfer.
          Section 440.5113 ‑ Rights of successor beneficiary.
          Section 440.5114 ‑ Proceeds of letter of credit.
          Section 440.5115 ‑ Commencement of action.
          Section 440.5116 ‑ Jurisdiction; forum.
          Section 440.5117 ‑ Rights of subrogation.
          Section 440.5118 ‑ Document presented under letter of credit; security interest of issuer or nominated person.
     174‑1962‑6 ‑ ARTICLE 6 BULK TRANSFERS (440.6101...440.6111)
          Section 440.6101‑440.6111 ‑ Repealed. 1998, Act 489, Imd. Eff. Jan. 4, 1999.
     174‑1962‑7 ‑ ARTICLE 7 WAREHOUSE RECEIPTS, BILLS OF LADING AND OTHER DOCUMENTS OF TITLE (440.7101...440.7702)
          174‑1962‑7‑1 ‑ PART 1 GENERAL (440.7101...440.7106)
               Section 440.7101 ‑ Uniform commercial code—documents of title; short title of article.
               Section 440.7102 ‑ Uniform commercial code; documents of title; definitions.
               Section 440.7103 ‑ Article subject to governmental treaty, statute, or regulatory statute; electronic signatures.
               Section 440.7104 ‑ Negotiable and nonnegotiable warehouse receipt, bill of lading, or other document of title.
               Section 440.7105 ‑ Tangible document of title as substitute for electronic document; electronic document title as substitute for tangible document of title; conditions.
               Section 440.7106 ‑ Person having control of electronic document.
          174‑1962‑7‑2 ‑ PART 2 WAREHOUSE RECEIPTS: SPECIAL PROVISIONS (440.7201...440.7210)
               Section 440.7201 ‑ Warehouse receipt; issuance; storage under government bond.
               Section 440.7202 ‑ Terms of receipt; form; contrary provisions.
               Section 440.7203 ‑ Liability for nonreceipt or misdescription.
               Section 440.7204 ‑ Duty of care; contractual limitation of warehouse liability; provisions as to time and manner of presenting claims and commencing actions.
               Section 440.7205 ‑ Fungible goods; buyer's title.
               Section 440.7206 ‑ Termination of storage at warehouse's option; removal or sale; notice; delivery; satisfaction of lien.
               Section 440.7207 ‑ Separation of goods; commingling of fungible goods; overissued receipts.
               Section 440.7208 ‑ Alteration of warehouse receipts.
               Section 440.7209 ‑ Warehouse's lien; security interest; "household goods" defined; loss of lien.
               Section 440.7210 ‑ Warehouse's lien; enforcement procedure; liability for noncompliance.
          174‑1962‑7‑3 ‑ PART 3 BILLS OF LADING: SPECIAL PROVISIONS (440.7301...440.7309)
               Section 440.7301 ‑ Negotiable bill of lading; issuer's liability for misdating, nonreceipt, or misdescription; goods loaded by issuer of bill of lading; bulk; statement of shipper's weight, load, and count; guarantee; liability.
               Section 440.7302 ‑ Through bill of lading or other document of title; variance as to overseas undertaking; obligations of persons other than issuer; obligations of persons to issuer.
               Section 440.7303 ‑ Diversion; reconsignment; change of instructions.
               Section 440.7304 ‑ Bills of lading in set of parts.
               Section 440.7305 ‑ Destination and substitute bills.
               Section 440.7306 ‑ Altered bills of lading.
               Section 440.7307 ‑ Carrier's lien.
               Section 440.7308 ‑ Carrier's lien; enforcement; procedure; liability for noncompliance.
               Section 440.7309 ‑ Carrier's duty of care; contractual provisions as to liability.
          174‑1962‑7‑4 ‑ PART 4 WAREHOUSE RECEIPTS AND BILLS OF LADING: GENERAL OBLIGATIONS (440.7401...440.7404)
               Section 440.7401 ‑ Irregularities in issue of document of title.
               Section 440.7402 ‑ Duplicate document of title; overissue.
               Section 440.7403 ‑ Delivery; exceptions; satisfaction of bailee's lien; cancellation or indication of partial delivery.
               Section 440.7404 ‑ Bailee's delivery in good faith according to document of title.
          174‑1962‑7‑5 ‑ PART 5 WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER (440.7501...440.7509)
               Section 440.7501 ‑ Negotiable document of title; indorsement; notice of arrival.
               Section 440.7502 ‑ Negotiation; rights acquired.
               Section 440.7503 ‑ Documents of title to goods; defeat in certain cases.
               Section 440.7504 ‑ Documents of title; transfer by delivery in absence of due negotiation; effect; defeat of transfer rights; diversion or change of shipping instructions; stoppage of delivery.
               Section 440.7505 ‑ Documents of title; liability of indorser.
               Section 440.7506 ‑ Documents of title; delivery without indorsement; right to have indorsement supplied.
               Section 440.7507 ‑ Documents of title; warranties on negotiation or delivery for value.
               Section 440.7508 ‑ Documents of title; warranties of collecting bank.
               Section 440.7509 ‑ Documents of title; adequacy as contract for sale, lease, or conditions of a credit.
          174‑1962‑7‑6 ‑ PART 6 WAREHOUSE RECEIPTS AND BILLS OF LADING: MISCELLANEOUS PROVISIONS (440.7601...440.7603)
               Section 440.7601 ‑ Lost, stolen, or destroyed documents of title; delivery of goods or issuance of substitute document; indemnity.
               Section 440.7602 ‑ Judicial process; surrender of document of title; purchaser for value.
               Section 440.7603 ‑ Conflicting claims; interpleader.
          174‑1962‑7‑7 ‑ PART 7 MISCELLANEOUS PROVISIONS (440.7701...440.7702)
               Section 440.7701 ‑ Applicability of amendatory act.
               Section 440.7702 ‑ Document of title issued or bailment that arises before effective date of amendatory act.
     174‑1962‑8 ‑ ARTICLE 8 INVESTMENT SECURITIES (440.8101...440.8601)
          174‑1962‑8‑1 ‑ PART 1 SHORT TITLE AND GENERAL MATTERS (440.8101...440.8116)
               Section 440.8101 ‑ Uniform commercial code—investment securities; cited as.
               Section 440.8102 ‑ Definitions.
               Section 440.8103 ‑ Share or equity interest as security; "investment company security" defined; interest in partnership or limited liability company as security or financial asset; writing; option or similar obligation issued by clearing corporation as financial asset; commodity contract; financial asset.
               Section 440.8104 ‑ Security or interest in security; financial asset; security entitlement; acquisition; placing security or financial asset in possession of another person.
               Section 440.8105 ‑ Notice of adverse claim.
               Section 440.8106 ‑ Certificated security in bearer form; certificated security in registered form; uncertificated security; security entitlement; control; agreement by issuer or securities intermediary.
               Section 440.8107 ‑ “Appropriate person” defined; effectiveness of indorsement, instruction, or entitlement order.
               Section 440.8108 ‑ Warranty to purchaser.
               Section 440.8109 ‑ Warranty to securities intermediary.
               Section 440.8110 ‑ Jurisdiction.
               Section 440.8111 ‑ Rule adopted by clearing corporation; effect.
               Section 440.8112 ‑ Reaching interest of debtor.
               Section 440.8113 ‑ Sale or purchase of security; enforcement of contract or contract modification.
               Section 440.8114 ‑ Action on certificated security against issuer; rules.
               Section 440.8115 ‑ Transferring or dealing with financial asset; liability of securities intermediary, broker, or agent.
               Section 440.8116 ‑ Securities intermediary as purchaser for value of financial asset; acquisition of security entitlement for value.
          174‑1962‑8‑2 ‑ PART 2 ISSUE—ISSUER (440.8201...440.8210)
               Section 440.8201 ‑ “Issuer” defined.
               Section 440.8202 ‑ Terms of security; effect of defect going to validity of security; rules; defenses; right of party to cancel contract.
               Section 440.8203 ‑ Conditions to charging purchaser with notice of defect.
               Section 440.8204 ‑ Restriction on transfer of security.
               Section 440.8205 ‑ Unauthorized signature.
               Section 440.8206 ‑ Completion or alteration of security certificate.
               Section 440.8207 ‑ Rights of issuer or indenture trustee with respect to registered owner.
               Section 440.8208 ‑ Warranty of person signing security certificate.
               Section 440.8210 ‑ Overissue.
          174‑1962‑8‑3 ‑ PART 3 PURCHASE (440.8301...440.8321)
               Section 440.8301 ‑ Delivery of certificated or uncertificated security to purchaser.
               Section 440.8302 ‑ Purchaser of security; rights acquired.
               Section 440.8303 ‑ “Protected purchaser” defined.
               Section 440.8304 ‑ Indorsement.
               Section 440.8305 ‑ Initiation or origination of instruction; completion; reliance; assumption of obligations.
               Section 440.8306 ‑ Warranties generally.
               Section 440.8307 ‑ Transfer of security on due demand; supplying requisite necessary to obtain registration; effect of noncompliance.
               Section 440.8308‑440.8321 ‑ Repealed. 1998, Act 278, Imd. Eff. July 27, 1998.
          174‑1962‑8‑4 ‑ PART 4 REGISTRATION (440.8401...440.8408)
               Section 440.8401 ‑ Registration of transfer; duty and liability of issuer.
               Section 440.8402 ‑ Indorsement as genuine and authorized; assurance; definitions.
               Section 440.8403 ‑ Demand; effect; notification; period of time; liability of issuer.
               Section 440.8404 ‑ Liability of issuer for wrongful registration or transfer.
               Section 440.8405 ‑ Lost, destroyed, or wrongfully taken securities.
               Section 440.8406 ‑ Lost, destroyed, or wrongfully taken security certificate; failure to notify issuer.
               Section 440.8407 ‑ Authenticating trustee, transfer agent, registrar, or other agent; obligation to holder or owner of certificate.
               Section 440.8408 ‑ Repealed. 1998, Act 278, Imd. Eff. July 27, 1998.
          174‑1962‑8‑5 ‑ PART 5 SECURITY ENTITLEMENTS (440.8501...440.8511)
               Section 440.8501 ‑ “Securities account” defined; acquisition of security entitlement; conditions; directly held financial asset; issuance not as security entitlement.
               Section 440.8502 ‑ Action based on adverse claim.
               Section 440.8503 ‑ Entitlement holder property interest.
               Section 440.8504 ‑ Maintenance of financial asset by securities intermediary; quantity; manner; limitation; duties; applicability to clearing corporation.
               Section 440.8505 ‑ Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary.
               Section 440.8506 ‑ Duty of securities intermediary to exercise rights with respect to financial asset; conditions.
               Section 440.8507 ‑ Compliance with entitlement order by securities intermediary; conditions; wrongful transfer of financial asset pursuant to ineffective entitlement order; liability.
               Section 440.8508 ‑ Changing security entitlement into another form of holding; transferring financial asset to securities account of entitlement holder; duties of securities intermediary; conditions.
               Section 440.8509 ‑ Performance of duties by securities intermediary.
               Section 440.8510 ‑ Assertion of action based on adverse claim; prohibition; conditions; priority.
               Section 440.8511 ‑ Priority of claims.
          174‑1962‑8‑6 ‑ PART 6 (440.8601...440.8601)
               Section 440.8601 ‑ Action or proceeding commenced before act takes effect; security interest perfected at date act takes effect.
     174‑1962‑9 ‑ ARTICLE 9 SECURED TRANSACTIONS (440.9101...440.9994)
          174‑1962‑9‑1 ‑ PART 1 GENERAL PROVISIONS (440.9101...440.9116)
               174‑1962‑9‑1‑1. ‑ SUBPART 1. SHORT TITLE, DEFINITIONS, AND GENERAL CONCEPTS (440.9101...440.9108)
                    Section 440.9101 ‑ Uniform commercial code—secured transactions; short title.
                    Section 440.9102 ‑ Definitions and index of definitions.
                    Section 440.9103 ‑ Purchase-money security interest; application of payments; burden of establishing.
                    Section 440.9104 ‑ Control of deposit account.
                    Section 440.9105 ‑ Control of electronic chattel paper.
                    Section 440.9106 ‑ Control of investment property.
                    Section 440.9107 ‑ Control of letter-of-credit right.
                    Section 440.9108 ‑ Sufficiency of description.
               174‑1962‑9‑1‑2. ‑ SUBPART 2. APPLICABILITY OF ARTICLE (440.9109...440.9116)
                    Section 440.9109 ‑ Scope.
                    Section 440.9110 ‑ Security interests arising under article 2 or 2A.
                    Section 440.9111 ‑ Repealed. 1998, Act 489, Imd. Eff. Jan. 4, 1999.
                    Section 440.9112‑440.9116 ‑ Repealed. 2000, Act 348, Eff. July 1, 2001.
          174‑1962‑9‑2 ‑ PART 2 EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (440.9201...440.9210)
               174‑1962‑9‑2‑1. ‑ SUBPART 1. EFFECTIVENESS AND ATTACHMENT (440.9201...440.9206)
                    Section 440.9201 ‑ General effectiveness of security agreement.
                    Section 440.9202 ‑ Title to collateral immaterial.
                    Section 440.9203 ‑ Attachment and enforcement of security interest; proceeds; supporting obligations; formal requisites.
                    Section 440.9204 ‑ After-acquired property; future advances.
                    Section 440.9205 ‑ Use or disposition of collateral permissible.
                    Section 440.9206 ‑ Security interest arising in purchase or delivery of financial asset.
               174‑1962‑9‑2‑2. ‑ SUBPART 2. RIGHTS AND DUTIES (440.9207...440.9210)
                    Section 440.9207 ‑ Rights and duties of secured party having possession or control of collateral.
                    Section 440.9208 ‑ Additional duties of secured party having control of collateral.
                    Section 440.9209 ‑ Duties of secured party if account debtor has been notified of assignment.
                    Section 440.9210 ‑ Request for accounting; request regarding list of collateral or statement of account.
          174‑1962‑9‑3 ‑ PART 3 PERFECTION AND PRIORITY (440.9301...440.9342)
               174‑1962‑9‑3‑1. ‑ SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY (440.9301...440.9307)
                    Section 440.9301 ‑ Law governing perfection and priority of security interests.
                    Section 440.9302 ‑ Law governing perfection and priority of agricultural liens.
                    Section 440.9303 ‑ Law governing perfection and priority of security interests in goods covered by certificate of title.
                    Section 440.9304 ‑ Law governing perfection and priority of security interests in deposit accounts.
                    Section 440.9305 ‑ Law governing perfection and priority of security interests in investment property.
                    Section 440.9306 ‑ Law governing perfection and priority of security interests in letter-of-credit rights.
                    Section 440.9307 ‑ "Place of business" defined; location of debtor.
               174‑1962‑9‑3‑2. ‑ SUBPART 2. PERFECTION (440.9308...440.9316)
                    Section 440.9308 ‑ When security interest or agricultural lien is perfected; continuity of perfection.
                    Section 440.9309 ‑ Security interest perfected upon attachment.
                    Section 440.9310 ‑ When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply.
                    Section 440.9311 ‑ Perfection of security interests in property subject to certain statutes, regulations, and treaties.
                    Section 440.9312 ‑ Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing; temporary perfection without filing or transfer of possession.
                    Section 440.9313 ‑ Possession by or delivery to secured party perfecting security interest without filing.
                    Section 440.9314 ‑ Perfection by control.
                    Section 440.9315 ‑ Secured party's rights on disposition of collateral and in proceeds.
                    Section 440.9316 ‑ Continued perfection of security interest following change in governing law.
               174‑1962‑9‑3‑3. ‑ SUBPART 3. PRIORITY (440.9317...440.9339)
                    Section 440.9317 ‑ Interests that take priority over or take free of unperfected security interest or agricultural lien.
                    Section 440.9318 ‑ No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers.
                    Section 440.9319 ‑ Rights and title of consignee with respect to creditors and purchasers.
                    Section 440.9320 ‑ Buyer of goods.
                    Section 440.9321 ‑ Licensee of general intangible and lessee of goods in ordinary course of business.
                    Section 440.9322 ‑ Priorities among conflicting security interests in and agricultural liens on same collateral.
                    Section 440.9323 ‑ Future advances.
                    Section 440.9324 ‑ Priority of purchase-money security interests.
                    Section 440.9325 ‑ Priority of security interests in transferred collateral.
                    Section 440.9326 ‑ Priority of security interests created by new debtor.
                    Section 440.9327 ‑ Priority of security interests in deposit account.
                    Section 440.9328 ‑ Priority of security interests in investment property.
                    Section 440.9329 ‑ Priority of security interests in letter-of-credit right.
                    Section 440.9330 ‑ Priority of purchaser of chattel paper or instrument.
                    Section 440.9331 ‑ Priority of rights of purchasers of instruments, documents, and securities under other articles; priority of interests in financial assets and security entitlements under article 8.
                    Section 440.9332 ‑ Transfer of money; transfer of funds from deposit account.
                    Section 440.9333 ‑ Priority of certain liens arising by operation of law.
                    Section 440.9334 ‑ Priority of security interests in fixtures and crops.
                    Section 440.9335 ‑ Accessions.
                    Section 440.9336 ‑ Commingled goods.
                    Section 440.9337 ‑ Priority of security interests in goods covered by certificate of title.
                    Section 440.9338 ‑ Priority of security interests or agricultural lien perfected by filed financing statement providing certain incorrect information.
                    Section 440.9339 ‑ Priority subject to subordination.
               174‑1962‑9‑3‑4. ‑ SUBPART 4. RIGHTS OF BANK (440.9340...440.9342)
                    Section 440.9340 ‑ Effectiveness of right of recoupment or setoff against deposit account.
                    Section 440.9341 ‑ Bank's rights and duties with respect to deposit account.
                    Section 440.9342 ‑ Bank's right to refuse to enter into or disclose existence of control agreement.
          174‑1962‑9‑4 ‑ PART 4 RIGHTS OF THIRD PARTIES (440.9401...440.9410)
               Section 440.9401 ‑ Alienability of debtor's rights.
               Section 440.9402 ‑ Secured party not obligated on contract of debtor or in tort.
               Section 440.9403 ‑ Agreement not to assert defenses against assignee.
               Section 440.9404 ‑ Rights acquired by assignee; claims and defenses against assignee.
               Section 440.9405 ‑ Modification of assigned contract.
               Section 440.9406 ‑ Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective.
               Section 440.9407 ‑ Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest.
               Section 440.9408 ‑ Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective.
               Section 440.9408a ‑ Repealed. 2000, Act 348, Eff. July 1, 2001.
               Section 440.9409 ‑ Restrictions on assignment of letter-of-credit rights ineffective.
               Section 440.9410 ‑ Repealed. 2000, Act 348, Eff. July 1, 2001.
          174‑1962‑9‑5 ‑ PART 5 FILING (440.9501...440.9527)
               174‑1962‑9‑5‑1. ‑ SUBPART 1. FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (440.9501...440.9518)
                    Section 440.9501 ‑ Filing office.
                    Section 440.9501a ‑ Fraudulent financing statement; affidavit; form; notice; termination of financing statement; filing fee; notice of termination; action to reinstate financing statement; court order; payment of costs and expenses; violation as felony; penalty; "regulated financial institution" defined.
                    Section 440.9502 ‑ Contents of financing statement; record of mortgage as financing statement; time of filing financing statement.
                    Section 440.9503 ‑ Name of debtor and secured party; "name of the settlor or testator" defined.
                    Section 440.9504 ‑ Indication of collateral.
                    Section 440.9505 ‑ Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.
                    Section 440.9506 ‑ Effect of errors or omissions.
                    Section 440.9507 ‑ Effect of certain events on effectiveness of financing statement.
                    Section 440.9508 ‑ Effectiveness of financing statement if new debtor becomes bound by security agreement.
                    Section 440.9509 ‑ Persons entitled to file a record.
                    Section 440.9510 ‑ Effectiveness of filing record.
                    Section 440.9511 ‑ Secured party of record.
                    Section 440.9512 ‑ Amendment of financing statement.
                    Section 440.9513 ‑ Termination statement.
                    Section 440.9514 ‑ Assignment of powers of secured party of record.
                    Section 440.9515 ‑ Duration and effectiveness of financing statement; effect of lapsed financing statement; continuation statement; termination.
                    Section 440.9516 ‑ Filing; requirements; communication of record with tender of filing fee; effectiveness.
                    Section 440.9517 ‑ Effect of indexing errors.
                    Section 440.9518 ‑ Information statement concerning inaccurate or wrongfully filed record.
               174‑1962‑9‑5‑2. ‑ SUBPART 2. DUTIES AND OPERATION OF FILING OFFICE (440.9519...440.9527)
                    Section 440.9519 ‑ Numbering, maintaining, and indexing records; communicating information provided in records.
                    Section 440.9520 ‑ Acceptance and refusal to accept record; wrongful filing; action to require secretary of state to accept record; personal liability; filing by regulated financial institution.
                    Section 440.9521 ‑ Form and format of written initial financing statement and amendment.
                    Section 440.9522 ‑ Maintenance and destruction of records.
                    Section 440.9523 ‑ Request for acknowledgment of filing; duties of filing office; communication; medium; subscription; fee.
                    Section 440.9524 ‑ Delay by filing office.
                    Section 440.9525 ‑ Fee for filing and indexing record; other fees.
                    Section 440.9526 ‑ Filing-office rules.
                    Section 440.9527 ‑ Repealed. 2008, Act 383, Eff. Mar. 29, 2009.
          174‑1962‑9‑6 ‑ PART 6 DEFAULT (440.9601...440.9628)
               174‑1962‑9‑6‑1. ‑ SUBPART 1. DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (440.9601...440.9624)
                    Section 440.9601 ‑ Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
                    Section 440.9602 ‑ Waiver and variance of rights and duties.
                    Section 440.9603 ‑ Agreement on standards concerning rights and duties.
                    Section 440.9604 ‑ Procedure if security agreement covers real property or fixtures.
                    Section 440.9605 ‑ Unknown debtor or secondary obligor.
                    Section 440.9606 ‑ Time of default for agricultural lien.
                    Section 440.9607 ‑ Collection and enforcement by secured party.
                    Section 440.9608 ‑ Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
                    Section 440.9609 ‑ Secured party's right to take possession after default.
                    Section 440.9610 ‑ Disposition of collateral after default.
                    Section 440.9611 ‑ Notification before disposition of collateral.
                    Section 440.9612 ‑ Timeliness of notification before disposition of collateral.
                    Section 440.9613 ‑ Contents and form of notification before disposition of collateral; generally.
                    Section 440.9614 ‑ Contents and form of notification before disposition of collateral; consumer-goods transaction.
                    Section 440.9615 ‑ Application of proceeds of disposition; liability for deficiency and right to surplus.
                    Section 440.9616 ‑ Explanation of calculation of surplus or deficiency.
                    Section 440.9617 ‑ Rights of transferee of collateral.
                    Section 440.9618 ‑ Rights and duties of certain secondary obligors.
                    Section 440.9619 ‑ Transfer of record or legal title.
                    Section 440.9620 ‑ Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
                    Section 440.9621 ‑ Notification of proposal to accept collateral.
                    Section 440.9622 ‑ Effect of acceptance of collateral.
                    Section 440.9623 ‑ Right to redeem collateral.
                    Section 440.9624 ‑ Waiver.
               174‑1962‑9‑6‑2. ‑ SUBPART 2. NONCOMPLIANCE WITH ARTICLE (440.9625...440.9628)
                    Section 440.9625 ‑ Remedies for secured party's failure to comply with article.
                    Section 440.9626 ‑ Action in which deficiency or surplus is in issue.
                    Section 440.9627 ‑ Determination of whether conduct was commercially reasonable.
                    Section 440.9628 ‑ Nonliability and limitation on liability of secured party; liability of secondary obligor.
          174‑1962‑9‑7 ‑ PART 7 TRANSITION (440.9701...440.9709)
               Section 440.9701 ‑ “This amendatory act” defined.
               Section 440.9702 ‑ Savings clause.
               Section 440.9703 ‑ Security interest perfected before effective date.
               Section 440.9704 ‑ Security interest unperfected before effective date.
               Section 440.9705 ‑ Effectiveness of action taken before effective date.
               Section 440.9706 ‑ When initial financing statement suffices to continue effectiveness of financing statement.
               Section 440.9707 ‑ Pre-effective-date financing statement.
               Section 440.9708 ‑ Persons entitled to file initial financing statement or continuation statement.
               Section 440.9709 ‑ Priority.
          174‑1962‑9‑8 ‑ PART 8 TRANSITION PROVISIONS FOR 2010 AMENDMENTS (440.9801...440.9809)
               Section 440.9801 ‑ Definitions.
               Section 440.9802 ‑ Applicability; scope.
               Section 440.9803 ‑ Perfected security interest before effective date of amendatory act.
               Section 440.9804 ‑ Unperfected security interest before effective date of amendatory act.
               Section 440.9805 ‑ Filing of financing statement or continuation statement before effective date of amendatory act.
               Section 440.9806 ‑ Continuation of effectiveness of pre-effective-date financing statement; filing of initial financing statement.
               Section 440.9807 ‑ Amending information in pre-effective-date financing statement; filing termination statement.
               Section 440.9808 ‑ Filing initial financing statement or continuation statement; conditions.
               Section 440.9809 ‑ Priority of conflicting claims to collateral; establishment before effective date of amendatory act.
          174‑1962‑9‑EFFECTIVE‑DATE‑AND‑REPEALER ‑ PART EFFECTIVE DATE AND REPEALER (440.9991...440.9994)
               Section 440.9991 ‑ Effective date of act; application to future transactions.
               Section 440.9992 ‑ Repeal.
               Section 440.9993 ‑ Saving clause.
               Section 440.9994 ‑ Effect of Article 7.
     174‑1962‑11 ‑ 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.
          Section 440.11102 ‑ Repealed. 2012, Act 88, Eff. July 1, 2013.

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