Michigan Compiled Laws 174-1962-3-1 Part 1 General Provisions And Definitions (440.3101...440.3122)

• Section 440.3101 Short Title; Article.
  This article shall be known and may be cited as “uniform commercial code—negotiable instruments”. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am....
• Section 440.3102 Scope; Limitations; Conflict Of Laws.
  (1) This article applies to negotiable instruments. It does not apply to money, to payment orders governed by article 4a, or to securities governed...
• Section 440.3103 Definitions; Principles Of Construction.
  (1) As used in this article: (a) "Acceptor" means a drawee who has accepted a draft. (b) "Consumer account" means an account established by...
• Section 440.3104 Additional Definitions.
  (1) Except as provided in subsections (3) and (4), “negotiable instrument” means an unconditional promise or order to pay a fixed amount of money,...
• Section 440.3105 “issue” And “issuer” Defined; Effect Of Unissued Or Conditionally Issued Instrument.
  (1) “Issue” means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of...
• Section 440.3106 Unconditional Status Of Promise Or Order.
  (1) Except as provided in this section, for the purposes of section 3104(1), a promise or order is unconditional unless it states 1 of...
• Section 440.3107 Payment In Foreign Money.
  Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in...
• Section 440.3108 Instrument Payable On Demand, At Definite Time, Or At Fixed Date.
  (1) A promise or order is “payable on demand” if it: (a) States that it is payable on demand or at sight, or otherwise...
• Section 440.3109 Promise Or Order; Payable On Demand; Payable At Definite Time; Instrument Payable At Fixed Date.
  (1) A promise or order is payable to the bearer if it does any of the following: (a) States that it is payable to...
• Section 440.3110 Determination Of Person Payable; Intent; Signature By Automated Means; Determining Holder; Instrument Payable To 2 Or More Persons.
  (1) The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized, signing as,...
• Section 440.3111 Place Of Payment.
  Except as otherwise provided for items in article 4, an instrument is payable at the place of payment stated in the instrument. If no...
• Section 440.3112 Interest.
  (1) Unless otherwise provided in the instrument: (a) An instrument is not payable with interest. (b) Interest on an interest-bearing instrument is payable from...
• Section 440.3113 Instrument Antedated, Postdated, Or Undated.
  (1) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed...
• Section 440.3114 Instrument; Contradictory Terms.
  If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers. History: 1962,...
• Section 440.3115 Incomplete Instrument; Definition; Enforcement; Alteration; Burden.
  (1) “Incomplete instrument” means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing...
• Section 440.3116 Joint And Several Liability.
  (1) Except as otherwise provided in the instrument, 2 or more persons who have the same liability on an instrument as makers, drawers, acceptors,...
• Section 440.3117 Obligation Modified, Supplemented, Or Nullified By Separate Agreement.
  Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the...
• Section 440.3118 Action To Enforce Obligation; Commencement; Time Period; Other Actions.
  (1) Except as provided in subsection (5), an action to enforce the obligation of a party to pay a note payable at a definite...
• Section 440.3119 Notice Of Litigation To Answerable Third Party.
  In an action for breach of an obligation for which a third person is answerable over pursuant to this article or article 4, the...
• Section 440.3120-440.3122 Repealed. 1993, Act 130, Eff. Sept. 30, 1993.
  Compiler's Notes: The repealed sections pertained to instruments payable through or at a bank, accrual of cause of action, and interest.

Last modified: October 10, 2016