Section 440.9342 - Bank's right to refuse to enter into or disclose existence of control agreement. - Michigan Statutes

UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962

440.9342 Bank's right to refuse to enter into or disclose existence of control agreement.

Sec. 9342.

This article does not require a bank to enter into an agreement of the kind described in section 9104(1)(b), even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer.

History: Add. 2000, Act 348, Eff. July 1, 2001