Michigan Compiled Laws 174-1962-4a-3 Part 3 Execution Of Sender's Payment Order By Receiving Bank (440.4801...440.4805)

• Section 440.4801 Execution Of Payment Order; “execution Date” Defined.
  (1) A payment order is “executed” by the receiving bank when it issues a payment order intended to carry out the payment order received...
• Section 440.4802 Receiving Bank; Acceptance Of Payment Order Pursuant To Mcl 440.4709(1); Obligations Of Bank To Execute Order; Use Of Funds-transfer System; Transmission By First-class Mail Or Reasonable Means; Payment Of Charges For Services And Expenses.
  (1) Except as provided in subsections (2) through (4), if the receiving bank accepts a payment order pursuant to section 4A209(1), the bank has...
• Section 440.4803 Receiving Bank; Payment Of Sender's Order Pursuant To Mcl 440.4902(3); Effect Of Erroneous Payment Order; Applicability Of Subsection (2); Obligation Of Sender To Pay Payment Order; Recovery By Issuer From Beneficiary.
  (1) A receiving bank that executes the payment order of the sender by issuing a payment order in an amount greater than the amount...
• Section 440.4804 Notification From Receiving Bank Of Erroneously Executed Payment Order; Duties Of Sender; Obligation To Pay Interest; Recovery By Bank Prohibited.
  If the sender of a payment order that is erroneously executed as stated in section 4A303 receives notification from the receiving bank that the...
• Section 440.4805 Receiving Bank; Payment Delay; Interest; Liability To Originator For Expenses Resulting From Improper Execution; Recovery Of Damages; Failure To Execute Pursuant To Express Agreement; Attorney Fees; Liability Of Bank Under Subsections (1) And (2) Not Varied By Agreement.
  (1) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of section 4A302 results in...

Last modified: October 10, 2016