Michigan Compiled Laws 174-1962-3-3 Part 3 Enforcement Of Instruments (440.3301...440.3312)

• Section 440.3301 Instrument; Person Entitled To Enforce.
  “Person entitled to enforce” an instrument means (i) the holder of the instrument, (ii) a nonholder in possession of the instrument who has the...
• 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.
  (1) Subject to subsection (3) and section 3106(4), “holder in due course” means the holder of an instrument if both of the following apply:...
• Section 440.3303 Instrument Issued Or Transferred For Value; Consideration.
  (1) An instrument is issued or transferred for value if any of the following apply: (a) The instrument is issued or transferred for a...
• Section 440.3304 Instruments Payable On Demand Or Payable At Definite Time As Overdue; Conditions.
  (1) An instrument payable on demand becomes overdue at the earliest of the following times: (a) On the day after the day demand for...
• Section 440.3305 Right To Enforce Obligation; Defenses Or Claims Available; Statement; Section Subject To Other Law.
  (1) Except as otherwise provided in this section, the right to enforce the obligation of a party to pay an instrument is subject to...
• Section 440.3306 Instrument; Person Subject To Claim Of Property Or Possessory Right.
  A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a...
• Section 440.3307 Fiduciary Duty; Breach.
  (1) As used in this section: (a) “Fiduciary” means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty...
• 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.
  (1) In an action with respect to an instrument, the authenticity of, and authority to make, each signature on the instrument is admitted unless...
• Section 440.3309 Enforcement Of Instrument In Which Loss Of Possession Occurred.
  (1) A person not in possession of an instrument is entitled to enforce the instrument if all of the following are met: (a) The...
• Section 440.3310 Certified Check, Cashier's Check, Or Teller's Check; Discharge; Note Or Uncertified Check; Suspension Of Obligation; Other Instruments.
  (1) Unless otherwise agreed, if a certified check, cashier's check, or teller's check is taken for an obligation, the obligation is discharged to the...
• Section 440.3311 Discharge; Tender As Full Satisfaction Of Claim.
  (1) If a person against whom a claim is asserted proves that (i) that person in good faith tendered an instrument to the claimant...
• 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.
  (1) As used in this section: (a) "Check" means a cashier's check, teller's check, or certified check. (b) "Claimant" means a person who claims...

Last modified: October 10, 2016