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Can you summarize MICL, 174-1962-4?
UNIFORM COMMERCIAL CODE (440.1101 - 440.11102) > ARTICLE 4 BANK DEPOSITS AND COLLECTIONS (440.4101...440.4504)
Short Summary
These legal documents, governed by the Michigan Compiled Laws and the Uniform Commercial Code (UCC), specifically Article 4 - Bank Deposits and Collections, cover various aspects related to the collection, transfer, and payment of items by banks. The first document focuses on the responsibility of a bank presenting a documentary draft, including the delivery of documents, seeking instructions in case of dishonor, and reimbursement for expenses incurred. The second document addresses the variation by agreement, measure of damages, and action constituting ordinary care in bank deposits and collections, emphasizing that a bank cannot disclaim responsibility for lack of good faith or failure to exercise ordinary care. The third document outlines the relationship between a payor bank and its customer, including the bank’s right to dishonor items, liability for wrongful dishonor, and the customer’s duty to examine statements and notify the bank of unauthorized payments. The fourth document pertains to the collection of items by payor banks, specifying settlement conditions, revocation of settlement, dishonor criteria, and item return procedures. These documents apply to various entities involved in banking transactions, such as presenting banks, drawees, transferors, transferees, customers, payor banks, collecting banks, and depositary banks. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Presenting banks, drawees, transferors, transferees, customers, payor banks, collecting banks, depositary banks
What does it govern?
Responsibility of a bank presenting a documentary draft, variation by agreement, measure of damages, action constituting ordinary care, collection, transfer, and payment of items by payor banks, collecting banks, and depositary banks, relationship between a payor bank and its customer, settlement, dishonor, and return of demand items by payor banks
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Michigan