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
- 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
- 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
- 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 incapacit
- Section 440.4712 - Receiving bank; failure to accept payment order; liability for breach of agreement to accept payment order.