MI SB0547

Amends Michigan's Uniform Commercial Code Article 3 governing negotiable instruments, including checks, notes, drafts, and certificates of deposit

Adds definition of "remotely created consumer item" and requires warranties that persons on whose accounts such items are drawn authorized their issuance

Establishes procedures for asserting claims to lost, destroyed, or stolen cashier's checks, teller's checks, and certified checks, with claims becoming enforceable 90 days after the check date

Modifies rules for enforcement of instruments in consumer transactions to ensure obligors can assert claims and defenses against holders that were not previously permitted

Revises provisions governing secondary obligors (endorsers, accommodation parties) regarding discharge of liability when principal obligors are released, given payment extensions, or subject to collateral impairment