Michigan Compiled Laws 174-1962-3-6 Part 6 Discharge And Payment (440.3601...440.3606)

• Section 440.3601 Discharge; Effect Against Holder In Due Course.
  (1) The obligation of a party to pay the instrument is discharged as stated in this article or by an act or agreement with...
• Section 440.3602 Discharge; Payment; "Signed" Defined.
  (1) Subject to subsection (5), an instrument is paid to the extent payment is made by or on behalf of a party obliged to...
• Section 440.3603 Tender Of Payment; Effect; Refusal Of Tender As Discharge; Interest; Obligor Ready And Able To Pay On Due Date.
  (1) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect...
• Section 440.3604 Discharge By Intentional Voluntary Act; Canceling Or Striking Out Endorsement; "Signed" Defined.
  (1) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument (i)...
• 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.
  (1) If a person entitled to enforce an instrument releases the obligation of a principal obligor in whole or in part, and another party...
• Section 440.3606 Repealed. 1993, Act 130, Eff. Sept. 30, 1993.
  Compiler's Notes: The repealed section pertained to discharge, impairment of recourse or of collateral, and express reservation.

Last modified: October 10, 2016