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2 chapters · 613 sections in this title.
Mich. Comp. Laws § 440.4955 Customer objection to payment; notification required.
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Sec. 4A505. If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from as…
Mich. Comp. Laws § 440.4956 Receiving bank; determination of interest payable.
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Sec. 4A506. (1) If, under this article, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined (i) by agreement of the sender and receiving bank, or (ii) by a funds-transfer system rule if the payment o…
Mich. Comp. Laws § 440.4957 Rights and obligations of parties; application of choice of law.
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Sec. 4A507. (1) The following rules apply unless the affected parties otherwise agree or subsection (3) applies: (a) The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receiving bank is …
Mich. Comp. Laws § 440.5101 Uniform commercial code—letters of credit; short title of article.
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Sec. 5101. This article may be cited as uniform commercial code—letters of credit.
Mich. Comp. Laws § 440.5102 Definitions.
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Sec. 5102. (1) As used in this article: (a) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed, or amended. (b) "Applicant" …
Mich. Comp. Laws § 440.5103 Letters of credit; scope of article.
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Sec. 5103. (1) This article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (2) The statement of a rule in this article does not by itself require, imply, or negate application of the same or a different …
Mich. Comp. Laws § 440.5104 Issuance; authentication.
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Sec. 5104. A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated by 1 or more of the following: (a) A signature. (b) In accordance with the agreement of the parties or the standard practice r…
Mich. Comp. Laws § 440.5105 Consideration.
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Sec. 5105. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
Mich. Comp. Laws § 440.5106 Credit; issuance; enforcement; revocation; expiration.
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Sec. 5106. (1) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides. (2) After…
Mich. Comp. Laws § 440.5107 Confirmation; rights and obligations; request to advise; notice to transferee beneficiary.
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Sec. 5107. (1) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer were an applicant and the confirmer had i…
Mich. Comp. Laws § 440.5108 Honoring or dishonoring presentation.
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Sec. 5108. (1) Except as otherwise provided in section 5109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (5), appears on its face strictly to comply with the terms and conditions of the letter of credit. Except as ot…
Mich. Comp. Laws § 440.5109 Forged or fraudulent document; injunction; findings of court.
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Sec. 5109. (1) If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit, but a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiar…
Mich. Comp. Laws § 440.5110 Warranties on presentment or transfer.
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Sec. 5110. (1) If presentation is honored, the beneficiary warrants: (a) To the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in section 5109(1). (b) To the applicant that the drawing does not viol…
Mich. Comp. Laws § 440.5111 Wrongful dishonor, repudiation, or breach; rights of claimant or applicant; liability of issuer, nominated person, or adviser; attorney fees; liquidated damages.
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Sec. 5111. (1) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or nominated person presenting on its own behalf may recover from the issuer the amount that is the subject of the …
Mich. Comp. Laws § 440.5112 Right to draw or demand performance under letter of credit; transfer.
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Sec. 5112. (1) Except as otherwise provided in section 5113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred. (2) Even if a letter of credit provides tha…
Mich. Comp. Laws § 440.5113 Rights of successor beneficiary.
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Sec. 5113. (1) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor. (2) A successor of a beneficiary may consent to amendments, …
Mich. Comp. Laws § 440.5114 Proceeds of letter of credit.
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Sec. 5114. (1) In this section, "proceeds of a letter of credit" means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary…
Mich. Comp. Laws § 440.5115 Commencement of action.
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Sec. 5115. An action to enforce a right or obligation arising under this article must be commenced within 1 year after the expiration date of the relevant letter of credit or 1 year after the cause of action accrues, whichever occurs later. A cause of action accrues when the brea…
Mich. Comp. Laws § 440.5116 Jurisdiction; forum.
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Sec. 5116. (1) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed or otherwise authenticated by the affected parties in the manner provided in section 510…
Mich. Comp. Laws § 440.5117 Rights of subrogation.
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Sec. 5117. (1) An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent as if the iss…
Mich. Comp. Laws § 440.5118 Document presented under letter of credit; security interest of issuer or nominated person.
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Sec. 5118. (1) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation. (2) So long as and to the extent that an issuer or nominated person …
Mich. Comp. Laws § 440.7101 Uniform commercial code—documents of title; short title of article.
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Sec. 7101. This article shall be known and may be cited as "uniform commercial code—documents of title".
Mich. Comp. Laws § 440.7102 Uniform commercial code; documents of title; definitions.
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Sec. 7102. (1) As used in this article, unless the context otherwise requires: (a) "Bailee" means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. (b) "Carrier" means a person that iss…
Mich. Comp. Laws § 440.7103 Article subject to governmental treaty, statute, or regulatory statute; electronic signatures.
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Sec. 7103. (1) This article is subject to any treaty or statute of the United States or regulatory statute of this state to the extent the treaty, statute, or regulatory statute is applicable. (2) This article does not modify or repeal any law prescribing the form or content of a…
Mich. Comp. Laws § 440.7104 Negotiable and nonnegotiable warehouse receipt, bill of lading, or other document of title.
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Sec. 7104. (1) Except as otherwise provided in subsection (3), a document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person. (2) A document of title other than one described in subsection (1) is nonnegotiable. A bill …
Mich. Comp. Laws § 440.7105 Tangible document of title as substitute for electronic document; electronic document title as substitute for tangible document of title; conditions.
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Sec. 7105. (1) Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if both of the following are met: (a) The person entitled under the ele…
Mich. Comp. Laws § 440.7106 Person having control of electronic document.
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Sec. 7106. (1) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred. (2) A system …
Mich. Comp. Laws § 440.7201 Warehouse receipt; issuance; storage under government bond.
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Sec. 7201. (1) A warehouse receipt may be issued by any warehouse. (2) If distilled spirits, agricultural commodities, or any other goods are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, …
Mich. Comp. Laws § 440.7202 Terms of receipt; form; contrary provisions.
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Sec. 7202. (1) A warehouse receipt need not be in any particular form. (2) Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a person injured by its omission: (a) A statement of the location of the warehouse where the goo…
Mich. Comp. Laws § 440.7203 Liability for nonreceipt or misdescription.
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Sec. 7203. A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the…
Mich. Comp. Laws § 440.7204 Duty of care; contractual limitation of warehouse liability; provisions as to time and manner of presenting claims and commencing actions.
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Sec. 7204. (1) A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the goods that a reasonably careful person would exercise under similar circumstances. Unless otherwise agreed, the warehouse is not liable fo…
Mich. Comp. Laws § 440.7205 Fungible goods; buyer's title.
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Sec. 7205. A buyer in the ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling those goods takes the goods free of any claim under a warehouse receipt even if the receipt is negotiable and has been duly…
Mich. Comp. Laws § 440.7206 Termination of storage at warehouse's option; removal or sale; notice; delivery; satisfaction of lien.
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Sec. 7206. (1) A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any charges and removal of the goods from the warehouse at the termination of the period of storage …
Mich. Comp. Laws § 440.7207 Separation of goods; commingling of fungible goods; overissued receipts.
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Sec. 7207. (1) Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible goods may be commingled. (2) If different…
Mich. Comp. Laws § 440.7208 Alteration of warehouse receipts.
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Sec. 7208. If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any tangible or elec…
Mich. Comp. Laws § 440.7209 Warehouse's lien; security interest; "household goods" defined; loss of lien.
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Sec. 7209. (1) A warehouse has a lien against the bailor on the goods covered by a warehouse receipt or storage agreement or on the proceeds of those goods in its possession for charges for storage or transportation, including demurrage and terminal charges, insurance, labor, or …
Mich. Comp. Laws § 440.7210 Warehouse's lien; enforcement procedure; liability for noncompliance.
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Sec. 7210. (1) Except as otherwise provided in subsection (2), a warehouse's lien may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an …
Mich. Comp. Laws § 440.7301 Negotiable bill of lading; issuer's liability for misdating, nonreceipt, or misdescription; goods loaded by issuer of bill of lading; bulk; statement of shipper's weight, load, and count; guarantee; liability.
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Sec. 7301. (1) A consignee of a nonnegotiable bill of lading which has given value in good faith, or a holder to which a negotiable bill has been duly negotiated, relying upon the description of the goods in the bill or upon the date shown in the bill, may recover from the issuer…
Mich. Comp. Laws § 440.7302 Through bill of lading or other document of title; variance as to overseas undertaking; obligations of persons other than issuer; obligations of persons to issuer.
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Sec. 7302. (1) The issuer of a through bill of lading or other document of title embodying an undertaking to be performed in part by a person acting as its agent or by a performing carrier, is liable to any person entitled to recover on the bill or other document for any breach b…
Mich. Comp. Laws § 440.7303 Diversion; reconsignment; change of instructions.
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Sec. 7303. (1) Unless the bill of lading otherwise provides, a carrier may deliver the goods to a person or destination other than that stated in the bill or may otherwise dispose of the goods, without liability for misdelivery, on instructions from any of the following: (a) The …
Mich. Comp. Laws § 440.7304 Bills of lading in set of parts.
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Sec. 7304. (1) Except as customary in international transportation, a tangible bill of lading may not be issued in a set of parts. The issuer is liable for damages caused by violation of this subsection. (2) If a tangible bill of lading is lawfully issued in a set of parts, each …
Mich. Comp. Laws § 440.7305 Destination and substitute bills.
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Sec. 7305. (1) Instead of issuing a bill of lading to the consignor at the place of shipment, a carrier, at the request of the consignor, may procure the bill to be issued at destination or at any other place designated in the request. (2) Upon request of any person entitled as a…
Mich. Comp. Laws § 440.7306 Altered bills of lading.
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Sec. 7306. An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor.
Mich. Comp. Laws § 440.7307 Carrier's lien.
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Sec. 7307. (1) A carrier has a lien on the goods covered by a bill of lading or on the proceeds of those goods in its possession for charges after the date of the carrier's receipt of the goods for storage or transportation, including demurrage and terminal charges, and for expen…
Mich. Comp. Laws § 440.7308 Carrier's lien; enforcement; procedure; liability for noncompliance.
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Sec. 7308. (1) A carrier's lien on goods may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in the goods. The notification m…
Mich. Comp. Laws § 440.7309 Carrier's duty of care; contractual provisions as to liability.
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Sec. 7309. (1) A carrier that issues a bill of lading, whether negotiable or nonnegotiable, shall exercise the degree of care in relation to the goods which a reasonably careful person would exercise under similar circumstances. This subsection does not affect any statute, regula…
Mich. Comp. Laws § 440.7401 Irregularities in issue of document of title.
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Sec. 7401. The obligations imposed by this article on an issuer apply to a document of title even if any of the following apply: (a) The document does not comply with the requirements of this article or of any other statute, rule, or regulation regarding its issuance, form, or co…
Mich. Comp. Laws § 440.7402 Duplicate document of title; overissue.
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Sec. 7402. A duplicate or any other document of title purporting to cover goods already represented by an outstanding document of the same issuer does not confer any right in the goods, except as provided in the case of tangible bills of lading in a set of parts, overissue of doc…
Mich. Comp. Laws § 440.7403 Delivery; exceptions; satisfaction of bailee's lien; cancellation or indication of partial delivery.
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Sec. 7403. (1) A bailee shall deliver the goods to a person entitled under a document of title if the person complies with subsections (2) and (3), unless and to the extent that the bailee establishes any of the following: (a) Delivery of the goods to a person whose receipt was r…
Mich. Comp. Laws § 440.7404 Bailee's delivery in good faith according to document of title.
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Sec. 7404. A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant to this article is not liable for the goods even if any of the following apply: (a) The person from which the baile…