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2 chapters · 613 sections in this title.
Mich. Comp. Laws § 440.2977 Default; disposition of goods; damages based on new lease agreement; rights of subsequent good faith buyer or lessee; accounting for profit.
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Sec. 2A527. (1) After a default by a lessee under the lease contract of the type described in section 2A523(1) or 2A523(3), or after the lessor refuses to deliver or takes possession of goods under section 2A525 or 2A526, or, if agreed, after other default by a lessee, the lessor…
Mich. Comp. Laws § 440.2978 Retention or disposition of goods by lessor; damages.
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Sec. 2A528. (1) Except as otherwise provided with respect to damages liquidated in the lease agreement under section 2A504 or otherwise determined pursuant to agreement of the parties under sections 1302 and 2A503, if a lessor elects to retain the goods or a lessor elects to disp…
Mich. Comp. Laws § 440.2979 Default by lessee; damages; holding identified goods for remaining lease term; disposition of goods by lessor; use and possession of goods by lessee; rent.
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Sec. 2A529. (1) After default by the lessee under the lease contract of the type described in section 2A523(1) or 2A523(3)(a) or, if agreed, after other default by the lessee, if the lessor complies with subsection (2), the lessor may recover from the lessee as damages the follow…
Mich. Comp. Laws § 440.2980 Incidental damages.
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Sec. 2A530. Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the transportation, care and custody of goods after the lessee's default, in connection with return or disposition of the …
Mich. Comp. Laws § 440.2981 Third party causing injury.
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Sec. 2A531. (1) If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party to the lease contract, (i) the lessor has a right of action against the third party, and (ii) the lessee also has a right of action against …
Mich. Comp. Laws § 440.2982 Additional damages.
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Sec. 2A532. In addition to any other recovery permitted by this article or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor's residual interest in the goods caused by the default of the lesse…
Mich. Comp. Laws § 440.3101 Short title; article.
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Sec. 3101. This article shall be known and may be cited as "uniform commercial code—negotiable instruments".
Mich. Comp. Laws § 440.3102 Scope; limitations; conflict of laws.
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Sec. 3102. (1) This article applies to negotiable instruments. It does not apply to money, to payment orders governed by article 4a, or to securities governed by article 8. (2) If there is conflict between this article and article 4 or 9, articles 4 and 9 govern. (3) Regulations …
Mich. Comp. Laws § 440.3103 Definitions; principles of construction.
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Sec. 3103. (1) As used in this article: (a) "Acceptor" means a drawee who has accepted a draft. (b) "Consumer account" means an account established by an individual primarily for personal, family, or household purposes. (c) "Consumer transaction" means a transaction in which an i…
Mich. Comp. Laws § 440.3104 Additional definitions.
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Sec. 3104. (1) Except as provided in subsections (3) and (4), "negotiable instrument" means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if all of the following apply: (a) It is paya…
Mich. Comp. Laws § 440.3105 “Issue” and “issuer” defined; effect of unissued or conditionally issued instrument.
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Sec. 3105. (1) "Issue" means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person. (2) An unissued instrument, or an unissued incomplete instrument that is completed, is bind…
Mich. Comp. Laws § 440.3106 Unconditional status of promise or order.
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Sec. 3106. (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 the following: (a) An express condition to payment. (b) That the promise or order is subject to or governed by another record. (c) Tha…
Mich. Comp. Laws § 440.3107 Payment in foreign money.
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Sec. 3107. Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchas…
Mich. Comp. Laws § 440.3108 Instrument payable on demand, at definite time, or at fixed date.
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Sec. 3108. (1) A promise or order is "payable on demand" if it: (a) States that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder. (b) Does not state any time of payment. (2) A promise or order is "payable at a definite time"…
Mich. Comp. Laws § 440.3109 Promise or order; payable on demand; payable at definite time; instrument payable at fixed date.
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Sec. 3109. (1) A promise or order is payable to the bearer if it does any of the following: (a) States that it is payable to bearer or to the order of bearer or otherwise indicates that the person in possession of the promise or order is entitled to payment. (b) Does not state a …
Mich. Comp. Laws § 440.3110 Determination of person payable; intent; signature by automated means; determining holder; instrument payable to 2 or more persons.
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Sec. 3110. (1) The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized, signing as, or in the name or behalf of, the issuer of the instrument. The instrument is payable to the person intended by the signer even if…
Mich. Comp. Laws § 440.3111 Place of payment.
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Sec. 3111. Except as otherwise provided for items in article 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument. If no address is s…
Mich. Comp. Laws § 440.3112 Interest.
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Sec. 3112. (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 the date of the instrument. (2) Interest may be stated in an instrument as a fixed or variable amount of mone…
Mich. Comp. Laws § 440.3113 Instrument antedated, postdated, or undated.
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Sec. 3113. (1) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in section 4401(3), an instrument payable on demand is not payable before the date of the instr…
Mich. Comp. Laws § 440.3114 Instrument; contradictory terms.
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Sec. 3114. If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers.
Mich. Comp. Laws § 440.3115 Incomplete instrument; definition; enforcement; alteration; burden.
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Sec. 3115. (1) "Incomplete instrument" means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing that it is incomplete but that the signer intended it to be completed by the addition of words or numbers. (2) Subject to subsecti…
Mich. Comp. Laws § 440.3116 Joint and several liability.
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Sec. 3116. (1) Except as otherwise provided in the instrument, 2 or more persons who have the same liability on an instrument as makers, drawers, acceptors, endorsers who endorse as joint payees, or anomalous endorsers are jointly and severally liable in the capacity in which the…
Mich. Comp. Laws § 440.3117 Obligation modified, supplemented, or nullified by separate agreement.
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Sec. 3117. Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled t…
Mich. Comp. Laws § 440.3118 Action to enforce obligation; commencement; time period; other actions.
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Sec. 3118. (1) Except as provided in subsection (5), an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within 6 years after the due date or dates stated in the note or, if a due date is accelerated, within 6 years after the …
Mich. Comp. Laws § 440.3119 Notice of litigation to answerable third party.
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Sec. 3119. In an action for breach of an obligation for which a third person is answerable over pursuant to this article or article 4, the defendant may give the third person notice of the litigation in a record, and the person notified may then give similar notice to any other p…
Mich. Comp. Laws § 440.3201 Negotiation; definition; transfer of possession.
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Sec. 3201. (1) "Negotiation" means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder. (2) Except for negotiation by a remitter, if an instrument is payable to an identified per…
Mich. Comp. Laws § 440.3202 Negotiation; effective although subject to rescission or other remedies.
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Sec. 3202. (1) Negotiation is effective even if obtained (i) from an infant, a corporation exceeding its powers, or a person without capacity, (ii) by fraud, duress, or mistake, or (iii) in breach of duty or as part of an illegal transaction. (2) To the extent permitted by other …
Mich. Comp. Laws § 440.3203 Transfer of instrument; delivery; rights of transferee; effect of transfer of less than entire instrument.
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Sec. 3203. (1) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument. (2) Transfer of an instrument, whether or not the transfer is a negotiation, vests in…
Mich. Comp. Laws § 440.3204 “Endorsement” and “endorser” defined; transfer of security interest effective as unqualified endorsement; instrument payable to name other than holder.
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Sec. 3204. (1) "Endorsement" means a signature, other than that of a signer as maker, drawer, or acceptor, that alone or accompanied by other words is made on an instrument for the purpose of (i) negotiating the instrument, (ii) restricting payment of the instrument, or (iii) inc…
Mich. Comp. Laws § 440.3205 Special endorsement; blank endorsement; conversion; “anomalous endorsement” defined.
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Sec. 3205. (1) If an endorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the endorsement identifies a person to whom it makes the instrument payable, it is a "special endorsement". When specially endorsed, an instr…
Mich. Comp. Laws § 440.3206 Endorsement; limitation; condition; words indicating collection by bank; endorsee as agent, trustee, or other fiduciary; purchaser as holder in due course; exception; defense.
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Sec. 3206. (1) An endorsement limiting payment to a particular person or otherwise prohibiting further transfer or negotiation of the instrument is not effective to prevent further transfer or negotiation of the instrument. (2) An endorsement stating a condition to the right of t…
Mich. Comp. Laws § 440.3207 Instrument; reacquisition.
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Sec. 3207. Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel endorsements made after the reacquirer first became a holder of the instrument. If the cancellation caus…
Mich. Comp. Laws § 440.3301 Instrument; person entitled to enforce.
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Sec. 3301. "Person entitled to enforce" an instrument means (i) the holder of the instrument, (ii) a nonholder in possession of the instrument who has the rights of a holder, or (iii) a person not in possession of the instrument who is entitled to enforce the instrument pursuant …
Mich. Comp. Laws § 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.
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Sec. 3302. (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: (a) The instrument when issued or negotiated to the holder does not bear such apparent evidence of forgery or alteration or is no…
Mich. Comp. Laws § 440.3303 Instrument issued or transferred for value; consideration.
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Sec. 3303. (1) An instrument is issued or transferred for value if any of the following apply: (a) The instrument is issued or transferred for a promise of performance, to the extent the promise has been performed. (b) The transferee acquires a security interest or other lien in …
Mich. Comp. Laws § 440.3304 Instruments payable on demand or payable at definite time as overdue; conditions.
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Sec. 3304. (1) An instrument payable on demand becomes overdue at the earliest of the following times: (a) On the day after the day demand for payment is duly made. (b) If the instrument is a check, 90 days after its date. (c) If the instrument is not a check, when the instrument…
Mich. Comp. Laws § 440.3305 Right to enforce obligation; defenses or claims available; statement; section subject to other law.
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Sec. 3305. (1) Except as otherwise provided in this section, the right to enforce the obligation of a party to pay an instrument is subject to the following: (a) A defense of the obligor based on (i) infancy of the obligor to the extent it is a defense to a simple contract, (ii) …
Mich. Comp. Laws § 440.3306 Instrument; person subject to claim of property or possessory right.
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Sec. 3306. A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its procee…
Mich. Comp. Laws § 440.3307 Fiduciary duty; breach.
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Sec. 3307. (1) As used in this section: (a) "Fiduciary" means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument. (b) "Represented person" means the principal, beneficiary, partnership, corporati…
Mich. Comp. Laws § 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.
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Sec. 3308. (1) In an action with respect to an instrument, the authenticity of, and authority to make, each signature on the instrument is admitted unless specifically denied in the pleadings. If the validity of a signature is denied in the pleadings, the burden of establishing v…
Mich. Comp. Laws § 440.3309 Enforcement of instrument in which loss of possession occurred.
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Sec. 3309. (1) A person not in possession of an instrument is entitled to enforce the instrument if all of the following are met: (a) The person meets either of the following: (i) Was entitled to enforce the instrument when loss of possession occurred. (ii) Has directly or indire…
Mich. Comp. Laws § 440.3310 Certified check, cashier's check, or teller's check; discharge; note or uncertified check; suspension of obligation; other instruments.
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Sec. 3310. (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 same extent discharge would result if an amount of money equal to the amount of the instrument were taken in payment of…
Mich. Comp. Laws § 440.3311 Discharge; tender as full satisfaction of claim.
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Sec. 3311. (1) If a person against whom a claim is asserted proves that (i) that person in good faith tendered an instrument to the claimant as full satisfaction of the claim, (ii) the amount of the claim was unliquidated or subject to a bona fide dispute, and (iii) the claimant …
Mich. Comp. Laws § 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.
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Sec. 3312. (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 the right to receive the amount of a cashier's check, teller's check, or certified check that was lost, destroyed, or stolen. …
Mich. Comp. Laws § 440.3401 Liability; signature.
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Sec. 3401. (1) A person is not liable on an instrument unless (i) the person signed the instrument, or (ii) the person is represented by an agent or representative who signed the instrument and the signature is binding on the represented person under section 3402. (2) A signature…
Mich. Comp. Laws § 440.3402 Liability of parties; signature by authorized representative.
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Sec. 3402. (1) If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person or the name of the signer, the represented person is bound by the signature to the same extent the represented person would be bou…
Mich. Comp. Laws § 440.3403 Unauthorized signature; effect.
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Sec. 3403. (1) Unless otherwise provided in this article or article 4, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unauthorized signature may be ra…
Mich. Comp. Laws § 440.3404 Imposter; inducing issuance of instrument; endorsement in name of payee; failure to exercise ordinary care.
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Sec. 3404. (1) If an imposter, by use of the mails or otherwise, induces the issuer of an instrument to issue the instrument to the imposter, or to a person acting in concert with the imposter, by impersonating the payee of the instrument or a person authorized to act for the pay…
Mich. Comp. Laws § 440.3405 Definitions; fraudulent endorsement by employee or person acting in concert with employee.
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Sec. 3405. (1) As used in this section: (a) "Employee" includes an independent contractor and employee of an independent contractor retained by the employer. (b) "Fraudulent endorsement" means (i) in the case of an instrument payable to the employer, a forged endorsement purporti…
Mich. Comp. Laws § 440.3406 Failure to exercise ordinary care contributing to alteration or forged instrument; allocation of loss; burden of proof.
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Sec. 3406. (1) A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged signature on an instrument is precluded from asserting the alteration or the forgery against a person who, in good faith, pays …