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Can you summarize MICL 440.4303?
PART 3 COLLECTION OF ITEMS: PAYOR BANKS (440.4301...440.4303) > Payor bank; items subject to knowledge notice, stop-payment order, legal process, or setoff; order in which times may be handled.
Short Summary
This legal document, found in the Michigan Compiled Laws under the Uniform Commercial Code, specifically Article 4 Bank Deposits and Collections, Part 3 Collection of Items: Payor Banks, outlines the rules regarding the handling of knowledge, notice, stop-payment orders, legal processes, and setoffs by payor banks. According to the document, any knowledge, notice, or stop-payment order received by, legal process served upon, or setoff exercised by a payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if the bank has already accepted or certified the item, paid the item in cash, settled for the item without the right to revoke the settlement, become accountable for the amount of the item, or if a cutoff hour has passed. The document also states that items may be accepted, paid, certified, or charged to the customer’s account in any order, subject to certain conditions. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
The document applies to payor banks.
What does it govern?
The document governs the handling of knowledge, notice, stop-payment orders, legal processes, and setoffs by payor banks.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Michigan