| Section 440.4701 |
Section |
“Security procedure” defined. |
| Section 440.4702 |
Section |
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 |
Section |
Payment order effective pursuant to MCL 440.4702; application of rules; applicability of section to amendments of payment orders. |
| Section 440.4704 |
Section |
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 |
Section |
Erroneous payment order; duty and liability of sender upon notification from receiving bank; applicability of section to amendments to payment orders. |
| Section 440.4706 |
Section |
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 |
Section |
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 |
Section |
Payment order; identification of intermediary or beneficiary bank; rules. |
| Section 440.4709 |
Section |
Acceptance of payment order. |
| Section 440.4710 |
Section |
Rejection of payment order. |
| Section 440.4711 |
Section |
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 |
Section |
Receiving bank; failure to accept payment order; liability for breach of agreement to accept payment order. |