174-1962-4A-2 Part 2 Issue and Acceptance of Payment Order (440.4701...440.4712)

174-1962-4A-2 Part 2 Issue and Acceptance of Payment Order (440.4701...440.4712)

Section 440.4701 “Security Procedure” Defined.
Section 440.4702 Authorized Payment Order; Verification by Security Procedure; Determination of Commercial Reasonableness; “Sender” Defined; Applicability of Section to Amendments and Cancellations of Payment Orders; Agreement to Vary Rights and Obligations Prohibited.
Section 440.4703 Payment Order Effective Pursuant to Mcl 440.4702; Application of Rules; Applicability of Section to Amendments of Payment Orders.
Section 440.4704 Receiving Bank; Acceptance of Unauthorized or Nonenforceable Payment; Refund; Interest; Recovery; Reasonable Time Fixed by Agreement; Agreement to Vary Obligation to Refund Payment Prohibited.
Section 440.4705 Erroneous Payment Order; Duty and Liability of Sender Upon Notification From Receiving Bank; Applicability of Section to Amendments to Payment Orders.
Section 440.4706 Transmitting Payment Order to Funds-Transfer System or Other Third-Party Communication System; System as Agent; Effect of Discrepancy; Applicability of Section.
Section 440.4707 Payment Order; Identification of Beneficiary; Nonexistent or Unidentifiable Person or Account; Name and Number Identifying Different Persons; Inconsistent Identification by Name and Number; Recovery of Amount Paid.
Section 440.4708 Payment Order; Identification of Intermediary or Beneficiary Bank; Rules.
Section 440.4709 Acceptance of Payment Order.
Section 440.4710 Rejection of Payment Order.
Section 440.4711 Communication by Sender Canceling or Amending Payment Order; Method of Transmission; Effectiveness; Liability of Sender for Loss and Expenses; Revocation by Death or Legal Incapacity; Effectiveness of Funds-Transfer System Rule.
Section 440.4712 Receiving Bank; Failure to Accept Payment Order; Liability for Breach of Agreement to Accept Payment Order.

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