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Can you summarize MICL 440.4301?
PART 3 COLLECTION OF ITEMS: PAYOR BANKS (440.4301...440.4303) > Demand items; recovery of settlement; time of dishonor; return of items.
Short Summary
This legal document, part of the Michigan Compiled Laws, specifically falls under the Uniform Commercial Code (UCC) and pertains to the collection of items by payor banks. It outlines the conditions under which a payor bank can settle for a demand item and the actions it can take to revoke the settlement and recover the settlement amount. The document also specifies the time limits and methods for returning the item, sending notice of dishonor or nonpayment, and revoking any credit given. Additionally, it defines the time of dishonor for an item and the criteria for considering an item returned. The document does not mention any exemptions or penalties. Overall, it provides guidelines for payor banks regarding the settlement, dishonor, and return of demand items.
Whom does it apply to?
Payor banks
What does it govern?
Recovery of settlement, time of dishonor, return of items
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Michigan