Michigan § 440.2506 - Financing agency; rights; reimbursement.
Full text of Michigan Michigan Compiled Laws § 440.2506 — Financing agency; rights; reimbursement., with citation guidance and answers to common questions.
§ 440.2506. Financing agency; rights; reimbursement.
(1) A financing agency by paying or purchasing for value a draft that relates to a shipment of goods acquires to the extent of the payment or purchase and in addition to its own rights under the draft and any document of title securing it any rights of the shipper in the goods including the right to stop delivery and the shipper's right to have the draft honored by the buyer.
(2) The right to reimbursement of a financing agency that has in good faith honored or purchased the draft under commitment to or authority from the buyer is not impaired by subsequent discovery of defects with reference to any relevant document which was apparently regular.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 440.2506
What does Michigan Compiled Laws § 440.2506 cover?
Section 440.2506 ("Financing agency; rights; reimbursement.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 440.2506?
A common citation format is "Michigan Compiled Laws § 440.2506" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 440.2506 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.