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2 chapters · 613 sections in this title.
Mich. Comp. Laws § 440.8405 Lost, destroyed, or wrongfully taken securities.
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Sec. 8405. (1) If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed, or wrongfully taken, the issuer shall issue a new certificate if the owner does all of the following: (a) Requests before the issuer …
Mich. Comp. Laws § 440.8406 Lost, destroyed, or wrongfully taken security certificate; failure to notify issuer.
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Sec. 8406. If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of the security before receiving noti…
Mich. Comp. Laws § 440.8407 Authenticating trustee, transfer agent, registrar, or other agent; obligation to holder or owner of certificate.
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Sec. 8407. A person acting as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities, or in the cancellation of surrendered securit…
Mich. Comp. Laws § 440.8501 “Securities account” defined; acquisition of security entitlement; conditions; directly held financial asset; issuance not as security entitlement.
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Sec. 8501. (1) "Securities account" means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the right…
Mich. Comp. Laws § 440.8502 Action based on adverse claim.
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Sec. 8502. An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement under section 8501 for value and without noti…
Mich. Comp. Laws § 440.8503 Entitlement holder property interest.
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Sec. 8503. (1) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset held by the securities intermediary are held by the securities intermediary for the entitl…
Mich. Comp. Laws § 440.8504 Maintenance of financial asset by securities intermediary; quantity; manner; limitation; duties; applicability to clearing corporation.
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Sec. 8504. (1) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The secu…
Mich. Comp. Laws § 440.8505 Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary.
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Sec. 8505. (1) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. This duty is satisfied if the securities intermediary does either of the following: (a) Acts with respect to the duty as agreed upon by the enti…
Mich. Comp. Laws § 440.8506 Duty of securities intermediary to exercise rights with respect to financial asset; conditions.
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Sec. 8506. A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. The duty is satisfied if the securities intermediary does either of the following: (a) Acts with respect to the duty as agreed upon by the e…
Mich. Comp. Laws § 440.8507 Compliance with entitlement order by securities intermediary; conditions; wrongful transfer of financial asset pursuant to ineffective entitlement order; liability.
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Sec. 8507. (1) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and …
Mich. Comp. Laws § 440.8508 Changing security entitlement into another form of holding; transferring financial asset to securities account of entitlement holder; duties of securities intermediary; conditions.
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Sec. 8508. A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred to a securities account…
Mich. Comp. Laws § 440.8509 Performance of duties by securities intermediary.
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Sec. 8509. (1) If the substance of a duty imposed upon a securities intermediary by sections 8504 through 8508 is the subject of other statute, regulation, or rule, compliance with the statute, regulation, or rule satisfies the duty. (2) To the extent that specific standards for …
Mich. Comp. Laws § 440.8510 Assertion of action based on adverse claim; prohibition; conditions; priority.
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Sec. 8510. (1) In a case not covered by the priority rules in article 9 or the rules stated in subsection (3), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other th…
Mich. Comp. Laws § 440.8511 Priority of claims.
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Sec. 8511. (1) Except as otherwise provided in subsections (2) and (3), if a securities intermediary does not have sufficient interest in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and…
Mich. Comp. Laws § 440.8601 Action or proceeding commenced before act takes effect; security interest perfected at date act takes effect.
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Sec. 8601. (1) This amendatory act does not affect an action or proceeding commenced before this amendatory act that added this section takes effect. (2) If a security interest in a security is perfected at the date this amendatory act that added this section takes effect, and th…
Mich. Comp. Laws § 440.9101 Uniform commercial code—secured transactions; short title.
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Sec. 9101. This article shall be known and may be cited as "uniform commercial code—secured transactions".
Mich. Comp. Laws § 440.9102 Definitions and index of definitions.
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Sec. 9102. (1) As used in this article: (a) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (b) "Account", except as used in "account for", means a right to payment of a monetary obligation,…
Mich. Comp. Laws § 440.9103 Purchase-money security interest; application of payments; burden of establishing.
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Sec. 9103. (1) As used in this section: (a) "Purchase-money collateral" means goods or software that secures a purchase-money obligation incurred with respect to that collateral. (b) "Purchase-money obligation" means an obligation of an obligor incurred as all or part of the pric…
Mich. Comp. Laws § 440.9104 Control of deposit account.
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Sec. 9104. (1) A secured party has control of a deposit account if 1 or more of the following apply: (a) The secured party is the bank with which the deposit account is maintained. (b) The debtor, secured party, and bank have agreed in an authenticated record that the bank will c…
Mich. Comp. Laws § 440.9105 Control of electronic chattel paper.
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Sec. 9105. (1) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. (2) A system satisfies subsectio…
Mich. Comp. Laws § 440.9106 Control of investment property.
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Sec. 9106. (1) A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 8106. (2) A secured party has control of a commodity contract if either of the following is met: (a) The secured party is the commodity intermed…
Mich. Comp. Laws § 440.9107 Control of letter-of-credit right.
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Sec. 9107. A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under section 5114(3)…
Mich. Comp. Laws § 440.9108 Sufficiency of description.
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Sec. 9108. (1) Except as otherwise provided in subsections (3), (4), and (5), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (2) Except as otherwise provided in subsection (4), a description …
Mich. Comp. Laws § 440.9109 Scope.
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Sec. 9109. (1) Except as otherwise provided in subsections (3) and (4), this article applies to all of the following: (a) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract. (b) An agricultural lien. (c) A sale of …
Mich. Comp. Laws § 440.9110 Security interests arising under article 2 or 2A.
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Sec. 9110. A security interest arising under section 2401, 2505, 2711(3), or 2A508(5) is subject to this article. However, until the debtor obtains possession of the goods, all of the following apply: (a) The security interest is enforceable, even if section 9203(2)(c) has not be…
Mich. Comp. Laws § 440.9201 General effectiveness of security agreement.
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Sec. 9201. (1) Except as otherwise provided in this act, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (2) A transaction subject to this article is subject to any applicable rule of law t…
Mich. Comp. Laws § 440.9202 Title to collateral immaterial.
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Sec. 9202. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral is in the secured party or th…
Mich. Comp. Laws § 440.9203 Attachment and enforcement of security interest; proceeds; supporting obligations; formal requisites.
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Sec. 9203. (1) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. (2) Except as otherwise provided in subsections (3) through (9), a security int…
Mich. Comp. Laws § 440.9204 After-acquired property; future advances.
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Sec. 9204. (1) Except as otherwise provided in subsection (2), a security agreement may create or provide for a security interest in after-acquired collateral. (2) A security interest does not attach under a term constituting an after-acquired property clause to either of the fol…
Mich. Comp. Laws § 440.9205 Use or disposition of collateral permissible.
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Sec. 9205. (1) A security interest is not invalid or fraudulent against creditors solely because of either of the following: (a) The debtor has the right or ability to do 1 or more of the following: (i) Use, commingle, or dispose of all or part of the collateral, including return…
Mich. Comp. Laws § 440.9206 Security interest arising in purchase or delivery of financial asset.
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Sec. 9206. (1) A security interest in favor of a securities intermediary attaches to a person's security entitlement if the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securit…
Mich. Comp. Laws § 440.9207 Rights and duties of secured party having possession or control of collateral.
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Sec. 9207. (1) Except as otherwise provided in subsection (4), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps…
Mich. Comp. Laws § 440.9208 Additional duties of secured party having control of collateral.
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Sec. 9208. (1) This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. (2) Within 10 days after receiving an authenticated demand by the debtor, a secure…
Mich. Comp. Laws § 440.9209 Duties of secured party if account debtor has been notified of assignment.
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Sec. 9209. (1) Except as otherwise provided in subsection (3), this section applies if there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. (2) Within 10 days after receiving an authenticat…
Mich. Comp. Laws § 440.9210 Request for accounting; request regarding list of collateral or statement of account.
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Sec. 9210. (1) As used in this section: (a) "Request" means a record of a type described in subdivision (b), (c), or (d). (b) "Request for an accounting" means a record authenticated by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured…
Mich. Comp. Laws § 440.9301 Law governing perfection and priority of security interests.
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Sec. 9301. Except as otherwise provided in sections 9303 through 9306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral: (a) Except as otherwise provided in this section, w…
Mich. Comp. Laws § 440.9302 Law governing perfection and priority of agricultural liens.
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Sec. 9302. While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products.
Mich. Comp. Laws § 440.9303 Law governing perfection and priority of security interests in goods covered by certificate of title.
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Sec. 9303. (1) This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor. (2) Goods become covered by a certificate of title w…
Mich. Comp. Laws § 440.9304 Law governing perfection and priority of security interests in deposit accounts.
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Sec. 9304. (1) The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank. (2) The following rules determine a bank's jurisdiction for purposes of thi…
Mich. Comp. Laws § 440.9305 Law governing perfection and priority of security interests in investment property.
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Sec. 9305. (1) Except as otherwise provided in subsection (3), the following rules apply: (a) While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a securit…
Mich. Comp. Laws § 440.9306 Law governing perfection and priority of security interests in letter-of-credit rights.
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Sec. 9306. (1) Subject to subsection (3), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer's jurisdictio…
Mich. Comp. Laws § 440.9307 "Place of business" defined; location of debtor.
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Sec. 9307. (1) As used in this section, "place of business" means a place where a debtor conducts its affairs. (2) Except as otherwise provided in this section, the following rules determine a debtor's location: (a) A debtor who is an individual is located at the individual's pri…
Mich. Comp. Laws § 440.9308 When security interest or agricultural lien is perfected; continuity of perfection.
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Sec. 9308. (1) Except as otherwise provided in this section and section 9309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 9310 through 9316 have been satisfied. A security interest is perfected when it atta…
Mich. Comp. Laws § 440.9309 Security interest perfected upon attachment.
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Sec. 9309. Each of the following security interests is perfected when it attaches: (a) A purchase-money security interest in consumer goods, except as otherwise provided in section 9311(2) with respect to consumer goods that are subject to a statute or treaty described in section…
Mich. Comp. Laws § 440.9310 When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply.
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Sec. 9310. (1) Except as otherwise provided in subsection (2) and section 9312(2), a financing statement must be filed to perfect all security interests and agricultural liens. (2) The filing of a financing statement is not necessary to perfect 1 or more of the following: (a) A s…
Mich. Comp. Laws § 440.9311 Perfection of security interests in property subject to certain statutes, regulations, and treaties.
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Sec. 9311. (1) Except as otherwise provided in subsection (4), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to 1 or more of the following: (a) A statute, regulation, or treaty of the United States whose requi…
Mich. Comp. Laws § 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 without filing or transfer of possession.
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Sec. 9312. (1) A security interest in chattel paper, negotiable documents, instruments, or investment property may be perfected by filing. (2) Except as otherwise provided in section 9315(3) and (4) for proceeds, a security interest in a deposit account, a letter-of-credit right,…
Mich. Comp. Laws § 440.9313 Possession by or delivery to secured party perfecting security interest without filing.
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Sec. 9313. (1) Except as otherwise provided in subsection (2), a secured party may perfect a security interest in tangible negotiable documents, goods, instruments, money, or tangible chattel paper by taking possession of the collateral. A secured party may perfect a security int…
Mich. Comp. Laws § 440.9314 Perfection by control.
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Sec. 9314. (1) A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents may be perfected by control of the collateral under section 7106, 9104, 9105, 9106, or 9107. (2) A security interest in deposit …
Mich. Comp. Laws § 440.9315 Secured party's rights on disposition of collateral and in proceeds.
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Sec. 9315. (1) Except as otherwise provided in this article and in section 2403(2), both of the following apply: (a) A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured pa…