Michigan Compiled Laws
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 9 - Secured Transactions (440.9101...440.9994)

Section 440.9103 - Purchase-Money Security Interest; Application of Payments; Burden of Establishing. - Sec. 9103. (1) As used in this section: (a) "Purchase-money...

Section 440.9104 - Control of Deposit Account. - Sec. 9104. (1) A secured party has control of a...

Section 440.9105 - Control of Electronic Chattel Paper. - Sec. 9105. (1) A secured party has control of electronic...

Section 440.9106 - Control of Investment Property. - Sec. 9106. (1) A person has control of a certificated...

Section 440.9107 - Control of Letter-of-Credit Right. - Sec. 9107. A secured party has control of a letter-of-credit...

Section 440.9108 - Sufficiency of Description. - Sec. 9108. (1) Except as otherwise provided in subsections (3),...

174-1962-9-1-2. - Subpart 2. Applicability of Article (440.9109...440.9116)

Section 440.9109 - Scope. - Sec. 9109. (1) Except as otherwise provided in subsections (3)...

Section 440.9110 - Security Interests Arising Under Article 2 or 2a. - Sec. 9110. A security interest arising under section 2401, 2505,...

Section 440.9111 - Repealed. 1998, Act 489, Imd. Eff. Jan. 4, 1999. - Compiler's Notes: The repealed section pertained to creation of security...

Section 440.9112-440.9116 - Repealed. 2000, Act 348, Eff. July 1, 2001. - Compiler's Notes: The repealed sections pertained to collateral not owned...

174-1962-9-2 - Part 2 Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement (440.9201...440.9210)

174-1962-9-2-1. - Subpart 1. Effectiveness and Attachment (440.9201...440.9206)

Section 440.9201 - General Effectiveness of Security Agreement. - Sec. 9201. (1) Except as otherwise provided in this act,...

Section 440.9202 - Title to Collateral Immaterial. - Sec. 9202. Except as otherwise provided with respect to consignments...

Section 440.9203 - Attachment and Enforcement of Security Interest; Proceeds; Supporting Obligations; Formal Requisites. - Sec. 9203. (1) A security interest attaches to collateral when...

Section 440.9204 - After-Acquired Property; Future Advances. - Sec. 9204. (1) Except as otherwise provided in subsection (2),...

Section 440.9205 - Use or Disposition of Collateral Permissible. - Sec. 9205. (1) A security interest is not invalid or...

Section 440.9206 - Security Interest Arising in Purchase or Delivery of Financial Asset. - Sec. 9206. (1) A security interest in favor of a...

174-1962-9-2-2. - Subpart 2. Rights and Duties (440.9207...440.9210)

Section 440.9207 - Rights and Duties of Secured Party Having Possession or Control of Collateral. - Sec. 9207. (1) Except as otherwise provided in subsection (4),...

Section 440.9208 - Additional Duties of Secured Party Having Control of Collateral. - Sec. 9208. (1) This section applies to cases in which...

Section 440.9209 - Duties of Secured Party if Account Debtor Has Been Notified of Assignment. - Sec. 9209. (1) Except as otherwise provided in subsection (3),...

Section 440.9210 - Request for Accounting; Request Regarding List of Collateral or Statement of Account. - Sec. 9210. (1) As used in this section: (a) "Request"...

174-1962-9-3 - Part 3 Perfection and Priority (440.9301...440.9342)

174-1962-9-3-1. - Subpart 1. Law Governing Perfection and Priority (440.9301...440.9307)

Section 440.9301 - Law Governing Perfection and Priority of Security Interests. - Sec. 9301. Except as otherwise provided in sections 9303 through...

Section 440.9302 - Law Governing Perfection and Priority of Agricultural Liens. - Sec. 9302. While farm products are located in a jurisdiction,...

Section 440.9303 - Law Governing Perfection and Priority of Security Interests in Goods Covered by Certificate of Title. - Sec. 9303. (1) This section applies to goods covered by...

Section 440.9304 - Law Governing Perfection and Priority of Security Interests in Deposit Accounts. - Sec. 9304. (1) The local law of a bank's jurisdiction...

Section 440.9305 - Law Governing Perfection and Priority of Security Interests in Investment Property. - Sec. 9305. (1) Except as otherwise provided in subsection (3),...

Section 440.9306 - Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights. - Sec. 9306. (1) Subject to subsection (3), the local law...

Section 440.9307 - "Place of Business" Defined; Location of Debtor. - Sec. 9307. (1) As used in this section, "place of...

174-1962-9-3-2. - Subpart 2. Perfection (440.9308...440.9316)

Section 440.9308 - When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection. - Sec. 9308. (1) Except as otherwise provided in this section...

Section 440.9309 - Security Interest Perfected Upon Attachment. - Sec. 9309. Each of the following security interests is perfected...

Section 440.9310 - When Filing Required to Perfect Security Interest or Agricultural Lien; Security Interests and Agricultural Liens to Which Filing Provisions Do Not Apply. - Sec. 9310. (1) Except as otherwise provided in subsection (2)...

Section 440.9311 - Perfection of Security Interests in Property Subject to Certain Statutes, Regulations, and Treaties. - Sec. 9311. (1) Except as otherwise provided in subsection (4),...

Section 440.9312 - Perfection of Security Interests in Chattel Paper, Deposit Accounts, Documents, Goods Covered by Documents, Instruments, Investment Property, Letter-of-Credit Rights, and Money; Perfection by Permissive Filing; Temporary Perfection... - Sec. 9312. (1) A security interest in chattel paper, negotiable...

Section 440.9313 - Possession by or Delivery to Secured Party Perfecting Security Interest Without Filing. - Sec. 9313. (1) Except as otherwise provided in subsection (2),...

Section 440.9314 - Perfection by Control. - Sec. 9314. (1) A security interest in investment property, deposit...

Section 440.9315 - Secured Party's Rights on Disposition of Collateral and in Proceeds. - Sec. 9315. (1) Except as otherwise provided in this article...

Section 440.9316 - Continued Perfection of Security Interest Following Change in Governing Law. - Sec. 9316. (1) A security interest perfected pursuant to the...

174-1962-9-3-3. - Subpart 3. Priority (440.9317...440.9339)

Section 440.9317 - Interests That Take Priority Over or Take Free of Unperfected Security Interest or Agricultural Lien. - Sec. 9317. (1) A security interest or agricultural lien is...

Section 440.9318 - No Interest Retained in Right to Payment That Is Sold; Rights and Title of Seller of Account or Chattel Paper With Respect to Creditors and Purchasers. - Sec. 9318. (1) A debtor that has sold an account,...

Section 440.9319 - Rights and Title of Consignee With Respect to Creditors and Purchasers. - Sec. 9319. (1) Except as otherwise provided in subsection (2),...

Section 440.9320 - Buyer of Goods. - Sec. 9320. (1) Except as otherwise provided in subsection (5),...

Section 440.9321 - Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business. - Sec. 9321. (1) As used in this section, "licensee in...

Section 440.9322 - Priorities Among Conflicting Security Interests in and Agricultural Liens on Same Collateral. - Sec. 9322. (1) Except as otherwise provided in this section,...

Section 440.9323 - Future Advances. - Sec. 9323. (1) Except as otherwise provided in subsection (3),...

Section 440.9324 - Priority of Purchase-Money Security Interests. - Sec. 9324. (1) Except as otherwise provided in subsection (7),...

Section 440.9325 - Priority of Security Interests in Transferred Collateral. - Sec. 9325. (1) Except as otherwise provided in subsection (2),...

Section 440.9326 - Priority of Security Interests Created by New Debtor. - Sec. 9326. (1) Subject to subsection (2), a security interest...

Section 440.9327 - Priority of Security Interests in Deposit Account. - Sec. 9327. The following rules govern priority among conflicting security...

Section 440.9328 - Priority of Security Interests in Investment Property. - Sec. 9328. The following rules govern priority among conflicting security...

Section 440.9329 - Priority of Security Interests in Letter-of-Credit Right. - Sec. 9329. The following rules govern priority among conflicting security...

Section 440.9330 - Priority of Purchaser of Chattel Paper or Instrument. - Sec. 9330. (1) A purchaser of chattel paper has priority...

Section 440.9331 - Priority of Rights of Purchasers of Instruments, Documents, and Securities Under Other Articles; Priority of Interests in Financial Assets and Security Entitlements Under Article 8. - Sec. 9331. (1) This article does not limit the rights...

Section 440.9332 - Transfer of Money; Transfer of Funds From Deposit Account. - Sec. 9332. (1) A transferee of money takes the money...

Section 440.9333 - Priority of Certain Liens Arising by Operation of Law. - Sec. 9333. (1) As used in this section, "possessory lien"...

Section 440.9334 - Priority of Security Interests in Fixtures and Crops. - Sec. 9334. (1) A security interest under this article may...

Section 440.9335 - Accessions. - Sec. 9335. (1) A security interest may be created in...

Section 440.9336 - Commingled Goods. - Sec. 9336. (1) As used in this section, "commingled goods"...

Section 440.9337 - Priority of Security Interests in Goods Covered by Certificate of Title. - Sec. 9337. If, while a security interest in goods is...

Section 440.9338 - Priority of Security Interests or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information. - Sec. 9338. If a security interest or agricultural lien is...

Section 440.9339 - Priority Subject to Subordination. - Sec. 9339. This article does not preclude subordination by agreement...

174-1962-9-3-4. - Subpart 4. Rights of Bank (440.9340...440.9342)

Section 440.9340 - Effectiveness of Right of Recoupment or Setoff Against Deposit Account. - Sec. 9340. (1) Except as otherwise provided in subsection (3),...

Section 440.9341 - Bank's Rights and Duties With Respect to Deposit Account. - Sec. 9341. Except as otherwise provided in section 9340(3), and...

Section 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...

174-1962-9-4 - Part 4 Rights of Third Parties (440.9401...440.9410)

Section 440.9401 - Alienability of Debtor's Rights. - Sec. 9401. (1) Except as otherwise provided in subsection (2)...

Section 440.9402 - Secured Party Not Obligated on Contract of Debtor or in Tort. - Sec. 9402. The existence of a security interest, agricultural lien,...

Section 440.9403 - Agreement Not to Assert Defenses Against Assignee. - Sec. 9403. (1) As used in this section, "value" has...

Section 440.9404 - Rights Acquired by Assignee; Claims and Defenses Against Assignee. - Sec. 9404. (1) Unless an account debtor has made an...

Section 440.9405 - Modification of Assigned Contract. - Sec. 9405. (1) A modification of or substitution for an...

Section 440.9406 - Discharge of Account Debtor; Notification of Assignment; Identification and Proof of Assignment; Restrictions on Assignment of Accounts, Chattel Paper, Payment Intangibles, and Promissory Notes Ineffective. - Sec. 9406. (1) Subject to subsections (2) through (9), an...

Section 440.9407 - Restrictions on Creation or Enforcement of Security Interest in Leasehold Interest or in Lessor's Residual Interest. - Sec. 9407. (1) Except as otherwise provided in subsection (2),...

Section 440.9408 - Restrictions on Assignment of Promissory Notes, Health-Care-Insurance Receivables, and Certain General Intangibles Ineffective. - Sec. 9408. (1) Except as otherwise provided in subsection (2)...

Section 440.9408a - Repealed. 2000, Act 348, Eff. July 1, 2001. - Compiler's Notes: The repealed section pertained to financing statement of...

Section 440.9409 - Restrictions on Assignment of Letter-of-Credit Rights Ineffective. - Sec. 9409. (1) A term in a letter of credit...

Section 440.9410 - Repealed. 2000, Act 348, Eff. July 1, 2001. - Compiler's Notes: The repealed section pertained to establishment of subscription...

174-1962-9-5 - Part 5 Filing (440.9501...440.9527)

174-1962-9-5-1. - Subpart 1. Filing Office; Contents and Effectiveness of Financing Statement (440.9501...440.9518)

Section 440.9501 - Filing Office. - Sec. 9501. (1) Except as otherwise provided in subsection (2),...

Section 440.9501a - Fraudulent Financing Statement; Affidavit; Form; Notice; Termination of Financing Statement; Filing Fee; Notice of Termination; Action to Reinstate Financing Statement; Court Order; Payment of Costs and Expenses; Violation as Felo... - Sec. 9501a. (1) A person identified as a debtor in...

Section 440.9502 - Contents of Financing Statement; Record of Mortgage as Financing Statement; Time of Filing Financing Statement. - Sec. 9502. (1) Subject to subsection (2), a financing statement...

Section 440.9503 - Name of Debtor and Secured Party; "Name of the Settlor or Testator" Defined. - Sec. 9503. (1) A financing statement sufficiently provides the name...

Section 440.9504 - Indication of Collateral. - Sec. 9504. A financing statement sufficiently indicates the collateral that...

Section 440.9505 - Filing and Compliance With Other Statutes and Treaties for Consignments, Leases, Other Bailments, and Other Transactions. - Sec. 9505. (1) A consignor, lessor, or other bailor of...

Section 440.9506 - Effect of Errors or Omissions. - Sec. 9506. (1) A financing statement substantially satisfying the requirements...

Section 440.9507 - Effect of Certain Events on Effectiveness of Financing Statement. - Sec. 9507. (1) A filed financing statement remains effective with...

Section 440.9508 - Effectiveness of Financing Statement if New Debtor Becomes Bound by Security Agreement. - Sec. 9508. (1) Except as otherwise provided in this section,...

Section 440.9509 - Persons Entitled to File a Record. - Sec. 9509. (1) A person may file an initial financing...

Section 440.9510 - Effectiveness of Filing Record. - Sec. 9510. (1) A filed record is effective only to...

Section 440.9511 - Secured Party of Record. - Sec. 9511. (1) A secured party of record with respect...

Section 440.9512 - Amendment of Financing Statement. - Sec. 9512. (1) Subject to section 9509, a person may...

Section 440.9513 - Termination Statement. - Sec. 9513. (1) A secured party shall cause the secured...

Section 440.9514 - Assignment of Powers of Secured Party of Record. - Sec. 9514. (1) Except as otherwise provided in subsection (3),...

Section 440.9515 - Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement; Continuation Statement; Termination. - Sec. 9515. (1) Except as otherwise provided in subsections (2),...

Section 440.9516 - Filing; Requirements; Communication of Record With Tender of Filing Fee; Effectiveness. - Sec. 9516. (1) Except as otherwise provided in subsection (2),...

Section 440.9517 - Effect of Indexing Errors. - Sec. 9517. The failure of the filing office to index...

Section 440.9518 - Information Statement Concerning Inaccurate or Wrongfully Filed Record. - Sec. 9518. (1) A person may file in the filing...

174-1962-9-5-2. - Subpart 2. Duties and Operation of Filing Office (440.9519...440.9527)

Section 440.9519 - Numbering, Maintaining, and Indexing Records; Communicating Information Provided in Records. - Sec. 9519. (1) For each record filed in a filing...

Section 440.9520 - Acceptance and Refusal to Accept Record; Wrongful Filing; Action to Require Secretary of State to Accept Record; Personal Liability; Filing by Regulated Financial Institution. - Sec. 9520. (1) A filing office shall refuse to accept...

Section 440.9521 - Form and Format of Written Initial Financing Statement and Amendment. - Sec. 9521. (1) Except for a reason set forth in...

Section 440.9522 - Maintenance and Destruction of Records. - Sec. 9522. (1) The filing office shall maintain a record...

Section 440.9523 - Request for Acknowledgment of Filing; Duties of Filing Office; Communication; Medium; Subscription; Fee. - Sec. 9523. (1) If a person that files a written...

Section 440.9524 - Delay by Filing Office. - Sec. 9524. Delay by the filing office beyond a time...

Section 440.9525 - Fee for Filing and Indexing Record; Other Fees. - Sec. 9525. (1) Except as otherwise provided in subsection (3)...

Section 440.9526 - Filing-Office Rules. - Sec. 9526. (1) The secretary of state shall adopt and...

Section 440.9527 - Repealed. 2008, Act 383, Eff. Mar. 29, 2009. - Compiler's Notes: The repealed section pertained to submission of report...

174-1962-9-6 - Part 6 Default (440.9601...440.9628)

174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624)

Section 440.9601 - Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes. - Sec. 9601. (1) After default, a secured party has the...

Section 440.9602 - Waiver and Variance of Rights and Duties. - Sec. 9602. Except as otherwise provided in section 9624, to...

Section 440.9603 - Agreement on Standards Concerning Rights and Duties. - Sec. 9603. (1) The parties may determine by agreement the...

Section 440.9604 - Procedure if Security Agreement Covers Real Property or Fixtures. - Sec. 9604. (1) If a security agreement covers both personal...

Section 440.9605 - Unknown Debtor or Secondary Obligor. - Sec. 9605. A secured party does not owe a duty...

Section 440.9606 - Time of Default for Agricultural Lien. - Sec. 9606. For purposes of this part, a default occurs...

Section 440.9607 - Collection and Enforcement by Secured Party. - Sec. 9607. (1) If so agreed, and in any event...

Section 440.9608 - Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus. - Sec. 9608. (1) If a security interest or agricultural lien...

Section 440.9609 - Secured Party's Right to Take Possession After Default. - Sec. 9609. (1) After default, a secured party may do...

Section 440.9610 - Disposition of Collateral After Default. - Sec. 9610. (1) After default, a secured party may sell,...

Section 440.9611 - Notification Before Disposition of Collateral. - Sec. 9611. (1) As used in this section, "notification date"...

Section 440.9612 - Timeliness of Notification Before Disposition of Collateral. - Sec. 9612. (1) Except as otherwise provided in subsection (2),...

Section 440.9613 - Contents and Form of Notification Before Disposition of Collateral; Generally. - Sec. 9613. Except in a consumer-goods transaction, the following rules...

Section 440.9614 - Contents and Form of Notification Before Disposition of Collateral; Consumer-Goods Transaction. - Sec. 9614. In a consumer-goods transaction, the following rules apply:...

Section 440.9615 - Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus. - Sec. 9615. (1) A secured party shall apply or pay...

Section 440.9616 - Explanation of Calculation of Surplus or Deficiency. - Sec. 9616. (1) As used in this section: (a) "Explanation"...

Section 440.9617 - Rights of Transferee of Collateral. - Sec. 9617. (1) A secured party's disposition of collateral after...

Section 440.9618 - Rights and Duties of Certain Secondary Obligors. - Sec. 9618. (1) A secondary obligor acquires the rights and...

Section 440.9619 - Transfer of Record or Legal Title. - Sec. 9619. (1) As used in this section, "transfer statement"...

Section 440.9620 - Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral. - Sec. 9620. (1) Except as otherwise provided in subsection (7),...

Section 440.9621 - Notification of Proposal to Accept Collateral. - Sec. 9621. (1) A secured party that desires to accept...

Section 440.9622 - Effect of Acceptance of Collateral. - Sec. 9622. (1) A secured party's acceptance of collateral in...

Section 440.9623 - Right to Redeem Collateral. - Sec. 9623. (1) A debtor, any secondary obligor, or any...

Section 440.9624 - Waiver. - Sec. 9624. (1) A debtor or secondary obligor may waive...

174-1962-9-6-2. - Subpart 2. Noncompliance With Article (440.9625...440.9628)

Section 440.9625 - Remedies for Secured Party's Failure to Comply With Article. - Sec. 9625. (1) If it is established that a secured...

Section 440.9626 - Action in Which Deficiency or Surplus Is in Issue. - Sec. 9626. In an action arising from a transaction in...

Section 440.9627 - Determination of Whether Conduct Was Commercially Reasonable. - Sec. 9627. (1) The fact that a greater amount could...

Section 440.9628 - Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor. - Sec. 9628. (1) Unless a secured party knows that a...

174-1962-9-7 - Part 7 Transition (440.9701...440.9709)

Section 440.9701 - “This Amendatory Act” Defined. - Sec. 9701. As used in this part, "this amendatory act"...

Section 440.9702 - Savings Clause. - Sec. 9702. (1) Except as otherwise provided in this part,...

Section 440.9703 - Security Interest Perfected Before Effective Date. - Sec. 9703. (1) A security interest that is enforceable immediately...

Section 440.9704 - Security Interest Unperfected Before Effective Date. - Sec. 9704. All of the following apply to a security...

Section 440.9705 - Effectiveness of Action Taken Before Effective Date. - Sec. 9705. (1) If action, other than the filing of...

Section 440.9706 - When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement. - Sec. 9706. (1) The filing of an initial financing statement...

Section 440.9707 - Pre-Effective-Date Financing Statement. - Sec. 9707. (1) As used in this section, "pre-effective-date financing...

Section 440.9708 - Persons Entitled to File Initial Financing Statement or Continuation Statement. - Sec. 9708. A person may file an initial financing statement...

Section 440.9709 - Priority. - Sec. 9709. (1) This amendatory act determines the priority of...

174-1962-9-8 - Part 8 Transition Provisions for 2010 Amendments (440.9801...440.9809)

Section 440.9801 - Definitions. - Sec. 9801. As used in this part: (a) "Pre-effective-date financing...

Section 440.9802 - Applicability; Scope. - Sec. 9802. (1) Except as otherwise provided in this part,...

Section 440.9803 - Perfected Security Interest Before Effective Date of Amendatory Act. - Sec. 9803. (1) A security interest that is a perfected...

Section 440.9804 - Unperfected Security Interest Before Effective Date of Amendatory Act. - Sec. 9804. A security interest that is an unperfected security...

Section 440.9805 - Filing of Financing Statement or Continuation Statement Before Effective Date of Amendatory Act. - Sec. 9805. (1) The filing of a financing statement before...

Section 440.9806 - Continuation of Effectiveness of Pre-Effective-Date Financing Statement; Filing of Initial Financing Statement. - Sec. 9806. (1) The filing of an initial financing statement...

Section 440.9807 - Amending Information in Pre-Effective-Date Financing Statement; Filing Termination Statement. - Sec. 9807. (1) After the effective date of this amendatory...

Section 440.9808 - Filing Initial Financing Statement or Continuation Statement; Conditions. - Sec. 9808. A person may file an initial financing statement...

Section 440.9809 - Priority of Conflicting Claims to Collateral; Establishment Before Effective Date of Amendatory Act. - Sec. 9809. This amendatory act determines the priority of conflicting...

174-1962-9-EFFECTIVE-DATE-AND-REPEALER - Part Effective Date and Repealer (440.9991...440.9994)

Section 440.9991 - Effective Date of Act; Application to Future Transactions. - Sec. 9991. This act shall become effective on January 1,...

Section 440.9992 - Repeal. - Sec. 9992. The following acts and parts of acts, as...

Section 440.9993 - Saving Clause. - Sec. 9993. Transactions validly entered into before the effective date...

Section 440.9994 - Effect of Article 7. - Sec. 9994. The article on documents of title (article 7)...

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Michigan Compiled Laws Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102) Article 9 - Secured Transactions (440.9101...440.9994)

Michigan Compiled Laws
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 9 - Secured Transactions (440.9101...440.9994)