Michigan Compiled Laws 174-1962-4a-4 Part 4 Payment (440.4901...440.4906)

• Section 440.4901 “payment Date” Defined.
  “Payment date” of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's...
• Section 440.4902 Payment Order Issued To Beneficiary Or Receiving Bank Subject To Mcl 440.4705 And 440.4707; Payment By Sender; Refund; Right Of Sender Executing Payment Order To Receive Or Retain Payment; Right Of Sender To Be Excused From Obligation To Pay Or Receive Refund Not Varied By Agreement.
  (1) This section is subject to sections 4A205 and 4A207. (2) With respect to a payment order issued to the beneficiary's bank, acceptance of...
• Section 440.4903 Sender's Obligation Under Mcl 440.4902 To Pay Receiving Bank; Payment Requirements; Final Settlement; Satisfaction Of Sender's Payment Obligation.
  (1) Payment of the sender's obligation under section 4A402 to pay the receiving bank occurs as follows: (a) If the sender is a bank,...
• Section 440.4904 Beneficiary Bank; Acceptance Of Payment Order Subject To Mcl 440.4711(5), 440.4905(4), And 440.4905(5); Payment Due Date; Refusal Of Bank To Pay After Demand; Recovery Of Damages; Instruction To Pay To Beneficiary's Account; Notice; Interest; Attorney Fees; Rights Of Beneficiary Pursuant To Agreement Or Funds-transfer System Rule.
  (1) Subject to sections 4A211(5), 4A405(4), and 4A405(5), if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount...
• Section 440.4905 Beneficiary Bank; Crediting Account Of Beneficiary Of Payment Order; Payment Of Bank Obligations Under Mcl 440.4904(1); Time Of Payment; Condition To Payment Or Agreement; Provisional Payments To Beneficiary Under Funds-transfer System Rule; Refund; Applicability Of Subsection (5) To Certain Funds Transfer.
  (1) If the beneficiary's bank credits an account of the beneficiary of a payment order, payment of the bank's obligation under section 4A404(1) occurs...
• Section 440.4906 Originator Of Funds Transfer; Conditions For Payment To Beneficiary; Satisfaction And Discharge Of Obligation; Determination; Rights Varied By Agreement.
  (1) Subject to sections 4A211(5), 4A405(4), and 4A405(5), the originator of a funds transfer pays the beneficiary of the originator's payment order (i) at...

Last modified: October 10, 2016