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Can you summarize MICL, 174-1962-4A?
UNIFORM COMMERCIAL CODE (440.1101 - 440.11102) > ARTICLE 4A FUNDS TRANSFERS (440.4601...440.4957)
Short Summary
These legal documents, governed by the Uniform Commercial Code (UCC) Article 4A Funds Transfers, address various aspects of funds transfers, including the rights and obligations of parties involved, payment obligations of senders and receiving banks, payment obligations and rights of beneficiary banks, conditions for payment to the beneficiary, payment of bank obligations, obligations of the sender to pay the bank, execution of sender’s payment order by receiving bank, payment orders in funds transfers, definitions of key terms related to payment orders, and general definitions and principles of construction and interpretation applicable throughout the article. The documents apply to parties involved in funds transfers, including senders, receiving banks, beneficiary banks, originators, and beneficiaries. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Parties involved in funds transfers, senders, receiving banks, beneficiary banks, originators, beneficiaries
What does it govern?
Rights and obligations of parties involved in funds transfers, payment obligations of senders and receiving banks, payment obligations and rights of beneficiary banks, conditions for payment to the beneficiary, payment of bank obligations, obligations of the sender to pay the bank, execution of sender's payment order by receiving bank, payment orders in funds transfers, definitions of key terms related to payment orders, general definitions and principles of construction and interpretation applicable throughout the article, issue and acceptance of payment orders in funds transfers
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