§ 440.4901 “Payment date” defined
§ 440.4902 Payment order issued to beneficiary or receiving bank subject to MCL 440.4705 and 440.4707; payment by sender; refund; right of sender executing payment order to receive or retain payment; right of se
§ 440.4903 Sender’s obligation under MCL 440.4902 to pay receiving bank; payment requirements; final settlement; satisfaction of sender’s payment obligation
§ 440.4904 Beneficiary bank; acceptance of payment order subject to MCL 440.4711(5), 440.4905(4), and 440.4905(5); payment due date; refusal of bank to pay after demand; recovery of damages; instruction to pay t
§ 440.4905 Beneficiary bank; crediting account of beneficiary of payment order; payment of bank obligations under MCL 440.4904(1); time of payment; condition to payment or agreement; provisional payments to bene
§ 440.4906 Originator of funds transfer; conditions for payment to beneficiary; satisfaction and discharge of obligation; determination; rights varied by agreement

Terms Used In Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 4A > Part 4 - Payment

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Bank: means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. See Michigan Laws 440.4605
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: means the person to be paid by the beneficiary's bank. See Michigan Laws 440.4603
  • Borrower: means either of the following:
  (i) The city, village, township, or county operating under this act. See Michigan Laws 125.651
  • Commission: means the housing commission created under this act. See Michigan Laws 125.651
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Donor: The person who makes a gift.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • Funds transfer: means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. See Michigan Laws 440.4604
  • Funds-transfer system: means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed. See Michigan Laws 440.4605
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing body: means in the case of a city, the council or commission of the city; in the case of a village, the council, commission, or board of trustees of the village; in the case of a township, the township board; and in the case of a county, the board of supervisors or county commissioners. See Michigan Laws 125.651
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Intermediary bank: means a receiving bank other than the originator's bank or the beneficiary's bank. See Michigan Laws 440.4604
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Ordinance: means either of the following:
    •   (i) An ordinance of a city, village, township, or county. See Michigan Laws 125.651
  • Originator: means the sender of the first payment order in a funds transfer. See Michigan Laws 440.4604
  • Payment order: means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if the following apply:
    •   (i) The instruction does not state a condition to payment to the beneficiary other than time of payment. See Michigan Laws 440.4603
  • Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Michigan Laws 440.1201
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Receiving bank: means the bank to which the sender's instruction is addressed. See Michigan Laws 440.4603
  • Right: includes remedy. See Michigan Laws 440.1201
  • Sender: means the person giving the instruction to the receiving bank. See Michigan Laws 440.4603
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o