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MI HB5081
Bill
Status
4/17/2012
Primary Sponsor
Ellen Lipton
Click for details
AI Summary
HB 5081 Summary
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Amends Michigan's Uniform Commercial Code (1962 PA 174) to revise general provisions in Article 1, including definitions, construction rules, and application of commercial transactions.
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Adds new Part 3 on "Territorial Applicability and General Rules" with sections covering choice of law, agreement modifications, course of performance, good faith obligations, remedies, and subordination of obligations.
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Modifies definitions and standards for notice, knowledge, leases, value, reasonable time, and presumptions throughout the commercial code.
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Repeals nine sections of the existing code (sections 1105, 1107, 1207-1211, 2208, and 2A207) to streamline provisions.
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Effective July 1, 2013, contingent upon enactment of companion bills HB 5082 and HB 5083 in the 96th Legislature.
Legislative Description
Commercial code; other; general revisions to article 1 of the uniform commercial code; provide for. Amends heading of pt. 1 & secs. 1101, 1102, 1103, 1106, 1202, 1203, 1204, 1205, 1206, 2202, 2A501, 2A518, 2A519, 2A527, 2A528, 3103, 4A105, 4A106, 4A204, 5103 & 8102 of 1962 PA 174 (MCL 440.1101 et seq.); adds heading for pt. 3 & secs. 1108, 1301, 1302, 1303, 1304, 1305, 1306, 1307, 1308, 1309 & 1310 & repeals secs. 1105, 1107, 1207, 1208, 1209, 1210, 1211, 2208 & 2A207 of 1962 PA 174 (MCL 440.1105 et seq.). TIE BAR WITH: HB 5082'11, HB 5083'11
Commercial code, other
Last Action
Assigned Pa 86'12 With Immediate Effect
4/17/2012