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Mich. Comp. Laws § 440.3306

Instrument; person subject to claim of property or possessory right.

Michigan · Michigan Compiled Laws — UNIFORM COMMERCIAL CODE (Act 174 of 1962) · Status: effective

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Mich. Comp. Laws § 440.3306, Instrument; person subject to claim of property or possessory right, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1361964
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A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument.