Section 440.4211 - Bank with security interest as holder in due course.
UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962
440.4211 Bank with security interest as holder in due course.
Sec. 4211.
For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of section 3302 on what constitutes a holder in due course.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993