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2 chapters · 613 sections in this title.
Mich. Comp. Laws § 440.9514 Assignment of powers of secured party of record.
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Sec. 9514. (1) Except as otherwise provided in subsection (3), an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement providing the name and mailing address of the assignee as the name and …
Mich. Comp. Laws § 440.9515 Duration and effectiveness of financing statement; effect of lapsed financing statement; continuation statement; termination.
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Sec. 9515. (1) Except as otherwise provided in subsections (2), (5), (6), and (7), a filed financing statement is effective for a period of 5 years after the date of filing. (2) Except as otherwise provided in subsections (5), (6), and (7), an initial financing statement filed in…
Mich. Comp. Laws § 440.9516 Filing; requirements; communication of record with tender of filing fee; effectiveness.
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Sec. 9516. (1) Except as otherwise provided in subsection (2), communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing. (2) Filing does not occur with respect to a record that a filing office re…
Mich. Comp. Laws § 440.9517 Effect of indexing errors.
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Sec. 9517. The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.
Mich. Comp. Laws § 440.9518 Information statement concerning inaccurate or wrongfully filed record.
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Sec. 9518. (1) A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed. (2) An information statement under subsection (1) must do al…
Mich. Comp. Laws § 440.9519 Numbering, maintaining, and indexing records; communicating information provided in records.
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Sec. 9519. (1) For each record filed in a filing office, the filing office shall do all of the following: (a) Assign a unique number to the filed record. (b) Create a record that bears the number assigned to the filed record and the date and time of filing. (c) Maintain the filed…
Mich. Comp. Laws § 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.
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Sec. 9520. (1) A filing office shall refuse to accept a record for filing for a reason set forth in section 9516(2) or, if the filing office is the secretary of state, subsection (5) and may refuse to accept a record for filing only for a reason set forth in section 9516(2) or, i…
Mich. Comp. Laws § 440.9521 Form and format of written initial financing statement and amendment.
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Sec. 9521. (1) Except for a reason set forth in section 9516(2) or 9520(5), a filing office that accepts written records for filing shall not refuse to accept a written initial financing statement that conforms to the form and format of UCC financing statement (Form UCC1) or UCC …
Mich. Comp. Laws § 440.9522 Maintenance and destruction of records.
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Sec. 9522. (1) The filing office shall maintain a record of the information provided in a filed financing statement for at least 1 year after the effectiveness of the financing statement has lapsed under section 9515 with respect to all secured parties of record. The record must …
Mich. Comp. Laws § 440.9523 Request for acknowledgment of filing; duties of filing office; communication; medium; subscription; fee.
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Sec. 9523. (1) If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to section 9519(1)(a) and the date and time of the filing of the r…
Mich. Comp. Laws § 440.9524 Delay by filing office.
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Sec. 9524. Delay by the filing office beyond a time limit prescribed by this part is excused if both of the following apply: (a) The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances be…
Mich. Comp. Laws § 440.9525 Fee for filing and indexing record; other fees.
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Sec. 9525. (1) Except as otherwise provided in subsection (3) or (4), the fee for filing and indexing a record under this part is $15.00. (2) A filing office shall charge a person a fee for responding to a request for a search of the records filed with a filing office concerning …
Mich. Comp. Laws § 440.9526 Filing-office rules.
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Sec. 9526. (1) The secretary of state shall adopt and publish rules to implement this article. The filing-office rules must be consistent with this article and adopted and published in accordance with the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. (…
Mich. Comp. Laws § 440.9601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
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Sec. 9601. (1) After default, a secured party has the rights provided in this part and, except as otherwise provided in section 9602, those provided by agreement of the parties. A secured party may do 1 or more of the following: (a) May reduce a claim to judgment, foreclose, or o…
Mich. Comp. Laws § 440.9602 Waiver and variance of rights and duties.
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Sec. 9602. Except as otherwise provided in section 9624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: (a) Section 9207(2)(d)(iii), wh…
Mich. Comp. Laws § 440.9603 Agreement on standards concerning rights and duties.
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Sec. 9603. (1) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in section 9602 if the standards are not manifestly unreasonable. (2) Subsection (1) does not a…
Mich. Comp. Laws § 440.9604 Procedure if security agreement covers real property or fixtures.
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Sec. 9604. (1) If a security agreement covers both personal and real property, a secured party may do either of the following: (a) Proceed under this part as to the personal property without prejudicing any rights with respect to the real property. (b) Proceed as to both the pers…
Mich. Comp. Laws § 440.9605 Unknown debtor or secondary obligor.
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Sec. 9605. A secured party does not owe a duty based on its status as secured party to either of the following: (a) To a person that is a debtor or obligor, unless the secured party knows all of the following: (i) That the person is a debtor or obligor. (ii) The identity of the p…
Mich. Comp. Laws § 440.9606 Time of default for agricultural lien.
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Sec. 9606. For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
Mich. Comp. Laws § 440.9607 Collection and enforcement by secured party.
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Sec. 9607. (1) If so agreed, and in any event after default, a secured party may do 1 or more of the following: (a) Notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party. (b) Tak…
Mich. Comp. Laws § 440.9608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
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Sec. 9608. (1) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (a) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under section 9607 in the following or…
Mich. Comp. Laws § 440.9609 Secured party's right to take possession after default.
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Sec. 9609. (1) After default, a secured party may do 1 or more of the following: (a) Take possession of the collateral. (b) Without removal, render equipment unusable and dispose of collateral on a debtor's premises under section 9610. (2) A secured party may proceed under subsec…
Mich. Comp. Laws § 440.9610 Disposition of collateral after default.
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Sec. 9610. (1) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. (2) Every aspect of a disposition of collateral, including the…
Mich. Comp. Laws § 440.9611 Notification before disposition of collateral.
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Sec. 9611. (1) As used in this section, "notification date" means the earlier of the date on which 1 of the following occurs: (a) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition. (b) The debtor and any secondary obligor w…
Mich. Comp. Laws § 440.9612 Timeliness of notification before disposition of collateral.
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Sec. 9612. (1) Except as otherwise provided in subsection (2), whether a notification is sent within a reasonable time is a question of fact. (2) In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the ea…
Mich. Comp. Laws § 440.9613 Contents and form of notification before disposition of collateral; generally.
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Sec. 9613. Except in a consumer-goods transaction, the following rules apply: (a) The contents of a notification of disposition are sufficient if the notification does all of the following: (i) Describes the debtor and the secured party. (ii) Describes the collateral that is the …
Mich. Comp. Laws § 440.9614 Contents and form of notification before disposition of collateral; consumer-goods transaction.
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Sec. 9614. In a consumer-goods transaction, the following rules apply: (a) A notification of disposition must provide all of the following information: (i) The information specified in section 9613(a). (ii) A description of any liability for a deficiency of the person to which th…
Mich. Comp. Laws § 440.9615 Application of proceeds of disposition; liability for deficiency and right to surplus.
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Sec. 9615. (1) A secured party shall apply or pay over for application the cash proceeds of disposition under section 9610 in the following order: (a) To the reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent provide…
Mich. Comp. Laws § 440.9616 Explanation of calculation of surplus or deficiency.
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Sec. 9616. (1) As used in this section: (a) "Explanation" means a writing that does all of the following: (i) States the amount of the surplus or deficiency. (ii) Provides an explanation in accordance with subsection (3) of how the secured party calculated the surplus or deficien…
Mich. Comp. Laws § 440.9617 Rights of transferee of collateral.
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Sec. 9617. (1) A secured party's disposition of collateral after default does all of the following: (a) Transfers to a transferee for value all of the debtor's rights in the collateral. (b) Discharges the security interest under which the disposition is made. (c) Discharges any s…
Mich. Comp. Laws § 440.9618 Rights and duties of certain secondary obligors.
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Sec. 9618. (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after all of the following: (a) The secondary obligor receives an assignment of a secured obligation from the secured party. (b) The secondary obligor receives …
Mich. Comp. Laws § 440.9619 Transfer of record or legal title.
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Sec. 9619. (1) As used in this section, "transfer statement" means a record authenticated by a secured party stating all of the following: (a) That the debtor has defaulted in connection with an obligation secured by specified collateral. (b) That the secured party has exercised …
Mich. Comp. Laws § 440.9620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
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Sec. 9620. (1) Except as otherwise provided in subsection (7), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if all of the following are met: (a) The debtor consents to the acceptance under subsection (3). (b) The secured …
Mich. Comp. Laws § 440.9621 Notification of proposal to accept collateral.
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Sec. 9621. (1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to all of the following: (a) Any person from which the secured party has received, before the debtor consented to the acceptance, …
Mich. Comp. Laws § 440.9622 Effect of acceptance of collateral.
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Sec. 9622. (1) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures does all of the following: (a) Discharges the obligation to the extent consented to by the debtor. (b) Transfers to the secured party all of a debtor's rights in…
Mich. Comp. Laws § 440.9623 Right to redeem collateral.
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Sec. 9623. (1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (2) To redeem collateral, a person shall tender both of the following: (a) Fulfillment of all obligations secured by the collateral. (b) The reasonable expenses and att…
Mich. Comp. Laws § 440.9624 Waiver.
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Sec. 9624. (1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 9611 only by an agreement to that effect entered into and authenticated after default. (2) A debtor may waive the right to require disposition of collateral…
Mich. Comp. Laws § 440.9625 Remedies for secured party's failure to comply with article.
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Sec. 9625. (1) If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. (2) Subject to subsections (3), (4), and (6), a per…
Mich. Comp. Laws § 440.9626 Action in which deficiency or surplus is in issue.
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Sec. 9626. In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply: (a) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance…
Mich. Comp. Laws § 440.9627 Determination of whether conduct was commercially reasonable.
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Sec. 9627. (1) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from esta…
Mich. Comp. Laws § 440.9628 Nonliability and limitation on liability of secured party; liability of secondary obligor.
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Sec. 9628. (1) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person, both of the following apply: (a) The secured party is not liable to the person, or to a secured party or lienholder th…
Mich. Comp. Laws § 440.9701 “This amendatory act” defined.
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Sec. 9701. As used in this part, "this amendatory act" means the amendatory act that added this part.
Mich. Comp. Laws § 440.9702 Savings clause.
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Sec. 9702. (1) Except as otherwise provided in this part, this amendatory act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this amendatory act takes effect. (2) Except as otherwise provided in subsection (3)…
Mich. Comp. Laws § 440.9703 Security interest perfected before effective date.
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Sec. 9703. (1) A security interest that is enforceable immediately before this amendatory act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this amendatory act if, when this amenda…
Mich. Comp. Laws § 440.9704 Security interest unperfected before effective date.
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Sec. 9704. All of the following apply to a security interest that is enforceable immediately before this amendatory act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (a) The security interest remains an enforceabl…
Mich. Comp. Laws § 440.9705 Effectiveness of action taken before effective date.
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Sec. 9705. (1) If action, other than the filing of a financing statement, is taken before this amendatory act takes effect and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest beco…
Mich. Comp. Laws § 440.9706 When initial financing statement suffices to continue effectiveness of financing statement.
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Sec. 9706. (1) The filing of an initial financing statement in the office specified in section 9501 continues the effectiveness of a financing statement filed before this amendatory act takes effect if all of the following apply: (a) The filing of an initial financing statement i…
Mich. Comp. Laws § 440.9707 Pre-effective-date financing statement.
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Sec. 9707. (1) As used in this section, "pre-effective-date financing statement" means a financing statement filed before this amendatory act takes effect. (2) After this amendatory act takes effect, a person may add or delete collateral covered by, continue or terminate the effe…
Mich. Comp. Laws § 440.9708 Persons entitled to file initial financing statement or continuation statement.
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Sec. 9708. A person may file an initial financing statement or a continuation statement under this part if both of the following apply: (a) The secured party of record authorizes the filing. (b) The filing is necessary under this part to do 1 of the following: (i) To continue the…
Mich. Comp. Laws § 440.9709 Priority.
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Sec. 9709. (1) This amendatory act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this amendatory act takes effect, this article as in effect before this amendatory act takes effect determines…