Mich. Comp. Laws § 440.3105
“Issue” and “issuer” defined; effect of unissued or conditionally issued instrument.
Michigan · Michigan Compiled Laws — UNIFORM COMMERCIAL CODE (Act 174 of 1962) · Status: effective
Cite this
- Citation
- Mich. Comp. Laws § 440.3105, “Issue” and “issuer” defined; effect of unissued or conditionally issued instrument, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1361935
- Permanent ID
ys:prov:1361935@1- SHA-256
6c21448583865a670302781c628f656f89a1c55e1164a263046e2131ec4b209c
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(1) "Issue" means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person.
(2) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.
(3) "Issuer" applies to issued and unissued instruments and means a maker or drawer of an instrument.