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Can you summarize MICL, 174-1962-3?
UNIFORM COMMERCIAL CODE (440.1101 - 440.11102) > ARTICLE 3 NEGOTIABLE INSTRUMENTS (440.3101...440.3805)
Short Summary
The provided legal document content pertains to the discharge and payment of obligations related to negotiable instruments under the Michigan Uniform Commercial Code, specifically Article 3 - Negotiable Instruments. It outlines the principles and procedures for the discharge of payment obligations, including the effects of tendering payment, discharge against holders in due course, and the discharge of interest after the due date. The document also addresses the discharge and payment of obligations in relation to negotiable instruments, including the release of principal obligors, extensions of time for payment, modifications of obligations, and the rights and duties of secondary obligors. It further discusses the discharge of obligations when the value of collateral is impaired and establishes the burden of persuasion for asserting discharge. The document provides a framework for the discharge and payment of obligations in relation to negotiable instruments, ensuring the rights and responsibilities of all parties involved. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Parties involved in negotiable instrument transactions, including claimants, obligated banks, persons not in possession of instruments, fiduciaries, takers of instruments, holders in due course, obligors, payees, and transferees
What does it govern?
Discharge and payment of obligations related to negotiable instruments under the Michigan Uniform Commercial Code, specifically Article 3 - Negotiable Instruments
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Michigan