Source: https://legislature.mi.gov/(S(o1ye1lfvzakt22mvn41gykqn))/mileg.aspx?page=MCLIndex&objectname=mcl-chap440
Timestamp: 2019-12-08 00:09:52
Document Index: 277990976

Matched Legal Cases: ['ART 1', 'ART 2', 'ART 3', 'ART 7', 'ART 1', 'ART 2', 'ART 3', 'ART 4', 'ART 5', 'ART 1', 'ART 2', 'ART 3', 'ART 4', 'ART 5', 'ART 6', 'ART 7', 'ART 8', 'ART 1', 'ART 2', 'ART 3', 'ART 4', 'ART 5', 'ART 1', 'ART 2', 'ART 3', 'ART 4', 'ART 5', 'ART 1', 'ART 2', 'ART 3', 'ART 4', 'ART 5', 'ART 6', 'ART 7', 'ART 1', 'ART 2', 'ART 3', 'ART 4', 'ART 5', 'ART 6', 'ART 1', 'ART 1', 'ART 2', 'ART 2', 'ART 1', 'ART 2', 'ART 3', 'ART 1', 'ART 2', 'ART 3', 'ART 4', 'ART 4', 'ART 5', 'ART 1', 'ART 2', 'ART 6', 'ART 1', 'ART 2', 'ART 7', 'ART 8']

Chapter 440 - UNIFORM COMMERCIAL CODE
Act 100 of 1913 ‑ Repealed-UNIFORM SALES ACT (440.1 - 440.78)
Act 174 of 1962 ‑ UNIFORM COMMERCIAL CODE (440.1101 - 440.11102)
174‑1962‑1 ‑ ARTICLE 1 GENERAL PROVISIONS (440.1101...440.1310)
174‑1962‑1‑1 ‑ PART 1 SHORT TITLE, CONSTRUCTION, APPLICATION AND SUBJECT MATTER OF THE ACT (440.1101...440.1108)
Section 440.1101 ‑ Uniform commercial code; short title of act; heading of article.
Section 440.1102 ‑ Applicability of articles.
Section 440.1103 ‑ Construction of act.
Section 440.1104 ‑ Construction of act as to implied repeal by subsequent legislation.
Section 440.1105 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
Section 440.1106 ‑ Meanings.
Section 440.1107 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
Section 440.1108 ‑ Electronic signatures.
174‑1962‑1‑2 ‑ PART 2 GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION (440.1201...440.1211)
Section 440.1201 ‑ Definitions.
Section 440.1202 ‑ Definitions.
Section 440.1203 ‑ Transaction in form of lease; "remaining economic life of the goods" and "reasonably predictable" fair market rent, fair market value, or cost of performing under lease agreement; determination.
Section 440.1204 ‑ Value for rights.
Section 440.1205 ‑ Time for taking action.
Section 440.1206 ‑ Presumption.
Section 440.1207 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
Section 440.1208 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
Section 440.1209 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
Section 440.1210 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
Section 440.1211 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
174‑1962‑1‑3 ‑ PART 3 TERRITORIAL APPLICABILITY AND GENERAL RULES (440.1301...440.1310)
Section 440.1301 ‑ Applicability of law of this state or other state or nation; applicability of act to transactions bearing relation to state; provisions specifying applicable law.
Section 440.1302 ‑ Agreements; "unless otherwise agreed"; implication.
Section 440.1303 ‑ Course of performance, course of dealing, or usage of trade.
Section 440.1304 ‑ Good faith obligation.
Section 440.1305 ‑ Administration of remedies; enforcement of right or obligation.
Section 440.1306 ‑ Claim or right arising out of alleged breach; discharge.
Section 440.1307 ‑ Prima facie evidence of certain documents.
Section 440.1308 ‑ Performance or promise of performance; effect of reservation of rights; applicability of subsection (1) to accord and satisfaction.
Section 440.1309 ‑ Accelerating payment or performance or requiring collateral or additional collateral.
Section 440.1310 ‑ Subordination.
174‑1962‑2 ‑ ARTICLE 2 SALES (440.2101...440.2725)
Section 440.2105 ‑ Goods, lot, commercial unit; definitions.
Section 440.2106 ‑ Contract, agreement, contract for sale, sale, present sale; definitions of certain terms.
Section 440.2301 ‑ Obligations of seller and buyer.
Section 440.2302 ‑ Unconscionable contract or clause.
Section 440.2303 ‑ Allocation or division of risk or burden.
Section 440.2305 ‑ Open price term; fixed price.
Section 440.2306 ‑ Output of seller; requirement of buyer; exclusive dealing.
Section 440.2317 ‑ Warranties; cumulation and conflict.
Section 440.2318 ‑ Warranties; third party beneficiaries.
Section 440.2319 ‑ F.O.B. and F.A.S. terms.
Section 440.2508 ‑ Improper delivery; cure, replacement.
Section 440.2509 ‑ Risk of loss; absence of breach.
Section 440.2510 ‑ Risk of loss; effect of breach.
Section 440.2511 ‑ Payment by buyer; tender, check.
Section 440.2512 ‑ Payment by buyer; inspection, nonconforming goods.
Section 440.2601 ‑ Improper delivery; buyer's rights.
Section 440.2602 ‑ Rejection of goods.
Section 440.2604 ‑ Rejection of goods; buyer's options.
Section 440.2605 ‑ Rejection of goods; failure of buyer to particularize defect.
Section 440.2606 ‑ Acceptance of goods; occurrence.
Section 440.2607 ‑ Acceptance of goods; effect; notice of breach; burden of establishing breach; notice of claim or litigation to person answerable.
Section 440.2611 ‑ Anticipatory repudiation; retraction.
Section 440.2612 ‑ Installment contract; breach.
Section 440.2613 ‑ Casualty to identified goods; total loss; partial loss, option of buyer.
Section 440.2616 ‑ Procedure on notice claiming excuse.
174‑1962‑2‑7 ‑ PART 7 REMEDIES (440.2701...440.2725)
Section 440.2707 ‑ Person in the position of a seller.
Section 440.2708 ‑ Nonacceptance or repudiation; seller's damages.
174‑1962‑2A ‑ ARTICLE 2A LEASES (440.2801...440.2982)
174‑1962‑2A‑1 ‑ PART 1 GENERAL PROVISIONS (440.2801...440.2810)
Section 440.2801 ‑ Short title.
Section 440.2802 ‑ Applicability of article.
Section 440.2803 ‑ Definitions; sections; principles of construction and interpretation.
Section 440.2804 ‑ Lease requirements; compliance with applicable statutes; effect of noncompliance with applicable statute.
Section 440.2805 ‑ Certificate of title statute; compliance; applicable law.
Section 440.2806 ‑ Choice of law; judicial forum.
Section 440.2807 ‑ Discharge of claim or right without consideration.
Section 440.2808 ‑ Unconscionable contract, clause, or conduct.
Section 440.2809 ‑ Power to accelerate payment or performance or require collateral; good faith.
Section 440.2810 ‑ Motor vehicle or trailer; transaction creating sale or security interest.
174‑1962‑2A‑2 ‑ PART 2 FORMATION AND CONSTRUCTION OF LEASE CONTRACT (440.2851...440.2871)
Section 440.2851 ‑ Lease contract; enforcement by action or defense; conditions; sufficiency of description or writing; determination of term.
Section 440.2852 ‑ Final written expression; parol or extrinsic evidence.
Section 440.2853 ‑ Effect of seal affixed to writing.
Section 440.2854 ‑ Lease contract; sufficiency to show agreement; conduct; open terms.
Section 440.2855 ‑ Firm offer; assurances to hold offer open.
Section 440.2856 ‑ Offer to make lease contract; manner of acceptance; lapse.
Section 440.2857 ‑ Repealed. 2012, Act 86, Eff. July 1, 2013.
Section 440.2858 ‑ Lease agreement; modification or rescission; waiver; retraction.
Section 440.2859 ‑ Supply contract; extension of benefits of supplier promises and of warranties to lessee; limitations; effect of modification or rescission; retention of rights.
Section 440.2860 ‑ Express warranties; creation.
Section 440.2861 ‑ Warranty against claim or interest in goods; claim by way of infringement; specifications furnished by lessee.
Section 440.2862 ‑ Implied warranty of merchantability; other implied warranties.
Section 440.2863 ‑ Implied warranty of fitness for a particular purpose.
Section 440.2864 ‑ Limiting, negating, excluding, or modifying warranties; construction of words or conduct.
Section 440.2865 ‑ Inconsistent warranties; intent; rules of construction.
Section 440.2866 ‑ Warranty; extension to persons in family, household, or to guest; exclusion, modification, or limitation.
Section 440.2867 ‑ Lease contract; identification of goods; absence of explicit agreement.
Section 440.2868 ‑ Lease contract; insurable interest in goods.
Section 440.2869 ‑ Risk of loss; passage to lessee.
Section 440.2870 ‑ Risk of loss; repudiation; default.
Section 440.2871 ‑ Casualty to identified goods before delivery or risk of loss passes.
174‑1962‑2A‑3 ‑ PART 3 EFFECT OF LEASE CONTRACT (440.2901...440.2911)
Section 440.2901 ‑ Lease contract; enforcement.
Section 440.2902 ‑ Applicability of article; title or possession.
Section 440.2903 ‑ Security interest; creation; transfer; limitations; rights and remedies; delegation of duties or performance; liability; prohibition.
Section 440.2904 ‑ Transfer from lessor to subsequent lessee; power; obtaining rights in ordinary course of business; entrustment; certificate of title.
Section 440.2905 ‑ Transfer from lessee to buyer or sublessee; power; rights; buyer in ordinary course of business; entrustment; certificate of title.
Section 440.2906 ‑ Materials or services provided with respect to goods subject to lease contract; lien; priority; exception.
Section 440.2907 ‑ Creditor of lessee; rights; taking leasehold interest subject to security interest.
Section 440.2908 ‑ Creditor of lessor or seller; lease or sale contract treated as void; fraudulent retention or possession of goods; security for preexisting claim.
Section 440.2909 ‑ Definitions; lease of fixtures; priority of security interests; right to remove goods; reimbursement; perfection by filing financing statement as fixture filing.
Section 440.2910 ‑ Goods as accessions; priority of interests; right to remove goods; reimbursement.
Section 440.2911 ‑ Subordination by agreement.
174‑1962‑2A‑4 ‑ PART 4 PERFORMANCE OF LEASE CONTRACT: REPUDIATED, SUBSTITUTED, AND EXCUSED (440.2931...440.2937)
Section 440.2931 ‑ Lease contract; demanding adequate assurance of due performance; repudiation; determination of adequacy; acceptance of nonconforming delivery or payment.
Section 440.2932 ‑ Repudiation of lease contract.
Section 440.2933 ‑ Retraction of repudiation.
Section 440.2934 ‑ Substituted performance; tender and acceptance; failure of payment due to government regulation.
Section 440.2935 ‑ Substituted performance; delay or nondelivery; allocating production and deliveries; notification.
Section 440.2936 ‑ Notification by lessor of delay or allocation; rights of lessee; lapse of lease contract.
Section 440.2937 ‑ Finance lease other than consumer lease; effect of lessee's promises; acceptance of goods by lessee; enforcement; validity.
174‑1962‑2A‑5 ‑ PART 5 DEFAULT (440.2951...440.2982)
Section 440.2951 ‑ Default; rights and remedies; self-help; enforcement covering real property and goods.
Section 440.2952 ‑ Notice of default or enforcement.
Section 440.2953 ‑ Default; rights and remedies provided in lease agreement; optional remedies; liquidation, limitation, alteration or exclusion of consequential damages; collateral or ancillary obligations and promises.
Section 440.2954 ‑ Liquidation of damages; reasonableness; restitution; setoff.
Section 440.2955 ‑ Cancellation or termination of lease contract; discharge of executory obligations; material misrepresentation or fraud; rescission, rejection, or return of goods as bar to rights or remedies.
Section 440.2956 ‑ Default; commencement and accrual of action; effect of termination; applicability of section to tolling of statute of limitations or causes of action accrued before effective date of article.
Section 440.2957 ‑ Damages based on market rent.
Section 440.2958 ‑ Default by lessor; rights and remedies; breach of warranty; security interest for rent, security, and expenses; deduction of damages from rent due.
Section 440.2959 ‑ Failure of goods or tender or delivery to conform to lease contract; rights of lessee; effectiveness of rejection of goods.
Section 440.2960 ‑ Installment lease contract; rejecting nonconforming delivery; conditions requiring acceptance; reinstatement of lease contract.
Section 440.2961 ‑ Rejection of goods in merchant lessee's possession or control; duties of merchant lessee; right to reimbursement; good faith conduct; purchaser in good faith.
Section 440.2962 ‑ Rejection of goods in lessee's possession; rights and obligations of lessee.
Section 440.2963 ‑ Rejection of goods before expiration of time for performance; rights of lessor or supplier.
Section 440.2964 ‑ Rejection of goods; failure of lessee to state particular defect or reserve rights when paying consideration against documents; effect.
Section 440.2965 ‑ Acceptance of goods; opportunity to inspect; conduct; accepting part of unit.
Section 440.2966 ‑ Acceptance of goods; rent; revocation prohibited; exception; acceptance of tender; effect of suit against lessee for breach of warranty or other obligation; infringement.
Section 440.2967 ‑ Revoking acceptance of nonconforming lot or commercial unit; conditions; notification; rights and duties of lessee.
Section 440.2968 ‑ Default by lessor; cover; damages.
Section 440.2969 ‑ Nondelivery or repudiation by lessor; rejection or revocation of acceptance by lessee; damages; measure of damages for market rent, nonconforming tender or delivery, or breach of warranty.
Section 440.2970 ‑ Default by lessor; incidental and consequential damages.
Section 440.2971 ‑ Specific performance.
Section 440.2972 ‑ Insolvency of lessor; recovery of conforming goods after receipt of first installment of rent and security.
Section 440.2973 ‑ Wrongful rejection or revocation; failure to make payment; repudiation; default; rights of lessor; damages; cancellation of lease.
Section 440.2974 ‑ Additional rights of lessor aggrieved under MCL 440.2973(1).
Section 440.2975 ‑ Insolvency of lessee; refusal to deliver goods; possession, availability, or disposition of goods; proceeding without judicial process.
Section 440.2976 ‑ Insolvency of lessee; stopping delivery of goods in possession of bailee; conditions; notification; liability for charges or damages; obligation of carrier.
Section 440.2977 ‑ Default; disposition of goods; damages based on new lease agreement; rights of subsequent good faith buyer or lessee; accounting for profit.
Section 440.2978 ‑ Retention or disposition of goods by lessor; damages.
Section 440.2979 ‑ Default by lessee; damages; holding identified goods for remaining lease term; disposition of goods by lessor; use and possession of goods by lessee; rent.
Section 440.2980 ‑ Incidental damages.
Section 440.2981 ‑ Third party causing injury.
Section 440.2982 ‑ Additional damages.
174‑1962‑3 ‑ ARTICLE 3 NEGOTIABLE INSTRUMENTS (440.3101...440.3805)
174‑1962‑3‑1 ‑ PART 1 GENERAL PROVISIONS AND DEFINITIONS (440.3101...440.3122)
Section 440.3101 ‑ Short title; article.
Section 440.3102 ‑ Scope; limitations; conflict of laws.
Section 440.3103 ‑ Definitions; principles of construction.
Section 440.3104 ‑ Additional definitions.
Section 440.3105 ‑ “Issue” and “issuer” defined; effect of unissued or conditionally issued instrument.
Section 440.3106 ‑ Unconditional status of promise or order.
Section 440.3107 ‑ Payment in foreign money.
Section 440.3108 ‑ Instrument payable on demand, at definite time, or at fixed date.
Section 440.3109 ‑ Promise or order; payable on demand; payable at definite time; instrument payable at fixed date.
Section 440.3110 ‑ Determination of person payable; intent; signature by automated means; determining holder; instrument payable to 2 or more persons.
Section 440.3111 ‑ Place of payment.
Section 440.3112 ‑ Interest.
Section 440.3113 ‑ Instrument antedated, postdated, or undated.
Section 440.3114 ‑ Instrument; contradictory terms.
Section 440.3115 ‑ Incomplete instrument; definition; enforcement; alteration; burden.
Section 440.3116 ‑ Joint and several liability.
Section 440.3117 ‑ Obligation modified, supplemented, or nullified by separate agreement.
Section 440.3118 ‑ Action to enforce obligation; commencement; time period; other actions.
Section 440.3119 ‑ Notice of litigation to answerable third party.
Section 440.3120‑440.3122 ‑ Repealed. 1993, Act 130, Eff. Sept. 30, 1993.
174‑1962‑3‑2 ‑ PART 2 NEGOTIATION, TRANSFER, AND ENDORSEMENT (440.3201...440.3208)
Section 440.3201 ‑ Negotiation; definition; transfer of possession.
Section 440.3202 ‑ Negotiation; effective although subject to rescission or other remedies.
Section 440.3203 ‑ Transfer of instrument; delivery; rights of transferee; effect of transfer of less than entire instrument.
Section 440.3204 ‑ “Endorsement” and “endorser” defined; transfer of security interest effective as unqualified endorsement; instrument payable to name other than holder.
Section 440.3205 ‑ Special endorsement; blank endorsement; conversion; “anomalous endorsement” defined.
Section 440.3206 ‑ Endorsement; limitation; condition; words indicating collection by bank; endorsee as agent, trustee, or other fiduciary; purchaser as holder in due course; exception; defense.
Section 440.3207 ‑ Instrument; reacquisition.
Section 440.3208 ‑ Repealed. 1993, Act 130, Eff. Sept. 30, 1993.
174‑1962‑3‑3 ‑ PART 3 ENFORCEMENT OF INSTRUMENTS (440.3301...440.3312)
Section 440.3301 ‑ Instrument; person entitled to enforce.
Section 440.3302 ‑ Holder in due course; notice of discharge as effective against holder; rights of holder; time and manner of notice; section subject to law limiting status.
Section 440.3303 ‑ Instrument issued or transferred for value; consideration.
Section 440.3304 ‑ Instruments payable on demand or payable at definite time as overdue; conditions.
Section 440.3305 ‑ Right to enforce obligation; defenses or claims available; statement; section subject to other law.
Section 440.3306 ‑ Instrument; person subject to claim of property or possessory right.
Section 440.3307 ‑ Fiduciary duty; breach.
Section 440.3308 ‑ Establishing validity of signature; burden; right to payment subject to defense or claim in recoupment; holder in due course not subject to defense or claim.
Section 440.3309 ‑ Enforcement of instrument in which loss of possession occurred.
Section 440.3310 ‑ Certified check, cashier's check, or teller's check; discharge; note or uncertified check; suspension of obligation; other instruments.
Section 440.3311 ‑ Discharge; tender as full satisfaction of claim.
Section 440.3312 ‑ Definitions; asserting claim to amount of check by communication to obligated bank; delivery of declaration of loss; claim asserted in compliance with subsection (2); duties of claimant if presentment by holder in due course; rights of claimant with respect to check.
174‑1962‑3‑4 ‑ PART 4 LIABILITY OF PARTIES (440.3401...440.3420)
Section 440.3401 ‑ Liability; signature.
Section 440.3402 ‑ Liability of parties; signature by authorized representative.
Section 440.3403 ‑ Unauthorized signature; effect.
Section 440.3404 ‑ Imposter; inducing issuance of instrument; endorsement in name of payee; failure to exercise ordinary care.
Section 440.3405 ‑ Definitions; fraudulent endorsement by employee or person acting in concert with employee.
Section 440.3406 ‑ Failure to exercise ordinary care contributing to alteration or forged instrument; allocation of loss; burden of proof.
Section 440.3407 ‑ Alteration; definition; discharge of party affected; enforcement of rights.
Section 440.3408 ‑ Check or draft; operation as assignment.
Section 440.3409 ‑ Acceptance of draft; definition; operation; “certified check” defined; refusal to certify.
Section 440.3410 ‑ Acceptance varying from terms of draft.
Section 440.3411 ‑ Obligated bank; definition; refusal to pay check; expenses or damages not recoverable.
Section 440.3412 ‑ Note, cashier's check, or other draft; obligation of issuer to pay according to terms.
Section 440.3413 ‑ Draft; obligation to pay according to terms; amount.
Section 440.3414 ‑ Applicability of section; unaccepted draft; dishonor; payment according to terms; acceptance by bank; discharge of drawer; obligation of drawer if acceptor not bank and draft dishonored; disclaimer of liability; suspension of payments after expiration of 30-day period.
Section 440.3415 ‑ Dishonored instrument; obligation and liability of endorser.
Section 440.3416 ‑ Transfer of instrument for consideration; endorsement; warranties.
Section 440.3417 ‑ Presentment of unaccepted or dishonored draft; rights of parties.
Section 440.3418 ‑ Payment or acceptance by mistake.
Section 440.3419 ‑ Accommodation parties.
Section 440.3420 ‑ Conversion.
174‑1962‑3‑5 ‑ PART 5 DISHONOR (440.3501...440.3511)
Section 440.3501 ‑ Presentment; definition; manner; rights of party to whom presentment is made.
Section 440.3502 ‑ Notes and drafts; dishonor.
Section 440.3503 ‑ Notice of dishonor; manner; sufficiency; time periods.
Section 440.3504 ‑ Presentment, notice of dishonor, or delay in giving notice of dishonor; conditions for excuse.
Section 440.3505 ‑ Admissible evidence creating presumption of dishonor; protest.
Section 440.3506‑440.3511 ‑ Repealed. 1993, Act 130, Eff. Sept. 30, 1993.
174‑1962‑3‑6 ‑ PART 6 DISCHARGE AND PAYMENT (440.3601...440.3606)
Section 440.3601 ‑ Discharge; effect against holder in due course.
Section 440.3602 ‑ Discharge; payment; "signed" defined.
Section 440.3603 ‑ Tender of payment; effect; refusal of tender as discharge; interest; obligor ready and able to pay on due date.
Section 440.3604 ‑ Discharge by intentional voluntary act; canceling or striking out endorsement; "signed" defined.
Section 440.3605 ‑ Secondary obligor; rights and duties; agreement to modification or to extend time when payments are due; obligation secured by interest in collateral; discharge; impairing value of interest in collateral; knowledge of accommodation; consent or waiver of discharge; release or extension; burden of persuasion; presumption.
Section 440.3606 ‑ Repealed. 1993, Act 130, Eff. Sept. 30, 1993.
174‑1962‑3‑7 ‑ PART 7 ADVICE OF INTERNATIONAL SIGHT DRAFT (440.3701...440.3701)
Section 440.3701 ‑ Repealed. 1993, Act 130, Eff. Sept. 30, 1993.
174‑1962‑3‑8 ‑ PART 8 MISCELLANEOUS (440.3801...440.3805)
Section 440.3801‑440.3805 ‑ Repealed. 1993, Act 130, Eff. Sept. 30, 1993.
174‑1962‑4 ‑ ARTICLE 4 BANK DEPOSITS AND COLLECTIONS (440.4101...440.4504)
174‑1962‑4‑1 ‑ PART 1 GENERAL PROVISIONS AND DEFINITIONS (440.4101...440.4111)
Section 440.4101 ‑ Uniform commercial code—bank deposits and collections; short title.
Section 440.4102 ‑ Conflict of laws; provisions applicable.
Section 440.4103 ‑ Variation by agreement; measure of damages; action constituting ordinary care.
Section 440.4104 ‑ Definitions used in article.
Section 440.4105 ‑ Additional definitions.
Section 440.4106 ‑ “Payable through” and “payable at” explained; bank as collecting bank.
Section 440.4107 ‑ Bank branch or separate office as separate bank.
Section 440.4108 ‑ Time of receipt of items.
Section 440.4109 ‑ Collecting bank; waiving, modifying, or extending time limits; excuse for delay.
Section 440.4110 ‑ “Agreement for electronic presentment” defined; presentment notice.
Section 440.4111 ‑ Commencement of action under article; time period.
174‑1962‑4‑2 ‑ PART 2 COLLECTION OF ITEMS: DEPOSITARY AND COLLECTING BANKS (440.4201...440.4216)
Section 440.4201 ‑ Agency status of banks; provisional status of credits; applicability of article; endorsement with pay any bank.
Section 440.4202 ‑ Collecting bank; duties; exercising ordinary care; liability.
Section 440.4203 ‑ Collecting bank; instructions from transferor.
Section 440.4204 ‑ Collecting bank; methods of sending items; presentment.
Section 440.4205 ‑ Depositary bank; item delivered by customer for collection.
Section 440.4206 ‑ Transfer between banks.
Section 440.4207 ‑ Warranties of customer and collecting bank on transfer of items; accrual of cause of action.
Section 440.4208 ‑ Presentment of unaccepted or dishonored draft; warranties of person obtaining payment and prior transferor; discharge; accrual of cause of action.
Section 440.4209 ‑ Electronic presentment; encoding of information and retaining items; warranties; recovery of damages, expenses, and loss of interest.
Section 440.4210 ‑ Security interest of collecting bank in items, accompanying documents, or proceeds.
Section 440.4211 ‑ Bank with security interest as holder in due course.
Section 440.4212 ‑ Presentment by notice of item not payable by, through, or at a bank; treating item as dishonored.
Section 440.4213 ‑ Settlement; medium and time.
Section 440.4214 ‑ Right to charge-back or refund.
Section 440.4215 ‑ Final payment of items by payor bank; final credit; availability of credit for withdrawal.
Section 440.4216 ‑ Payor or collecting bank; suspension of payments.
174‑1962‑4‑3 ‑ PART 3 COLLECTION OF ITEMS: PAYOR BANKS (440.4301...440.4303)
Section 440.4301 ‑ Demand items; recovery of settlement; time of dishonor; return of items.
Section 440.4302 ‑ Payor bank; accountability upon presentment and receipt of item; defenses.
Section 440.4303 ‑ Payor bank; items subject to knowledge notice, stop-payment order, legal process, or setoff; order in which times may be handled.
174‑1962‑4‑4 ‑ PART 4 RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER (440.4401...440.4407)
Section 440.4401 ‑ Payor bank; charge against customer's account.
Section 440.4402 ‑ Payor bank; wrongful dishonor; liability to customer; determination of account balance.
Section 440.4403 ‑ Customer's right to stop payment; lapse and renewal; burden of proof of loss.
Section 440.4404 ‑ Payment of checks more than 6 months old.
Section 440.4405 ‑ Death or incompetence of customer.
Section 440.4406 ‑ Statement of account; identification of items paid; retention of items or copies; customer's duty to discover and report unauthorized signature or alteration; failure to comply with subsection (3); failure of bank to exercise ordinary care in paying item; time limitation.
Section 440.4407 ‑ Improper payment; subrogation of payor bank.
174‑1962‑4‑5 ‑ PART 5 COLLECTION OF DOCUMENTARY DRAFTS (440.4501...440.4504)
Section 440.4501 ‑ Documentary draft; presentment, notice of dishonor.
Section 440.4502 ‑ Documentary draft; presentment on arrival of goods, refusal for non-arrival; notice to transferor.
Section 440.4503 ‑ Documentary draft; responsibility of presenting bank for documents and goods; report of reasons for dishonor; referees; expenses.
Section 440.4504 ‑ Documentary draft; presenting bank's right to deal with goods; lien for expenses.
174‑1962‑4A ‑ ARTICLE 4A FUNDS TRANSFERS (440.4601...440.4957)
174‑1962‑4A‑1 ‑ PART 1 SUBJECT MATTERS AND DEFINITIONS (440.4601...440.4608)
Section 440.4601 ‑ Short title.
Section 440.4602 ‑ Applicability of article.
Section 440.4603 ‑ Definitions; instruction as a separate payment order; issuance of payment order.
Section 440.4604 ‑ Definitions.
Section 440.4605 ‑ Definitions; sections where other definitions appear.
Section 440.4606 ‑ Payment order or communication canceling or amending payment order; determining time of receipt.
Section 440.4607 ‑ Regulations of federal reserve system as superseding article.
Section 440.4608 ‑ Applicability of article to certain funds transfer; inconsistency; "electronic fund transfer act" defined.
174‑1962‑4A‑2 ‑ PART 2 ISSUE AND ACCEPTANCE OF PAYMENT ORDER (440.4701...440.4712)
Section 440.4701 ‑ “Security procedure” defined.
Section 440.4702 ‑ Authorized payment order; verification by security procedure; determination of commercial reasonableness; “sender” defined; applicability of section to amendments and cancellations of payment orders; agreement to vary rights and obligations prohibited.
Section 440.4703 ‑ Payment order effective pursuant to MCL 440.4702; application of rules; applicability of section to amendments of payment orders.
Section 440.4704 ‑ Receiving bank; acceptance of unauthorized or nonenforceable payment; refund; interest; recovery; reasonable time fixed by agreement; agreement to vary obligation to refund payment prohibited.
Section 440.4705 ‑ Erroneous payment order; duty and liability of sender upon notification from receiving bank; applicability of section to amendments to payment orders.
Section 440.4706 ‑ Transmitting payment order to funds-transfer system or other third-party communication system; system as agent; effect of discrepancy; applicability of section.
Section 440.4707 ‑ Payment order; identification of beneficiary; nonexistent or unidentifiable person or account; name and number identifying different persons; inconsistent identification by name and number; recovery of amount paid.
Section 440.4708 ‑ Payment order; identification of intermediary or beneficiary bank; rules.
Section 440.4709 ‑ Acceptance of payment order.
Section 440.4710 ‑ Rejection of payment order.
Section 440.4711 ‑ Communication by sender canceling or amending payment order; method of transmission; effectiveness; liability of sender for loss and expenses; revocation by death or legal incapacity; effectiveness of funds-transfer system rule.
Section 440.4712 ‑ Receiving bank; failure to accept payment order; liability for breach of agreement to accept payment order.
174‑1962‑4A‑3 ‑ PART 3 EXECUTION OF SENDER'S PAYMENT ORDER BY RECEIVING BANK (440.4801...440.4805)
Section 440.4801 ‑ Execution of payment order; “execution date” defined.
Section 440.4802 ‑ Receiving bank; acceptance of payment order pursuant to MCL 440.4709(1); obligations of bank to execute order; use of funds-transfer system; transmission by first-class mail or reasonable means; payment of charges for services and expenses.
Section 440.4803 ‑ Receiving bank; payment of sender's order pursuant to MCL 440.4902(3); effect of erroneous payment order; applicability of subsection (2); obligation of sender to pay payment order; recovery by issuer from beneficiary.
Section 440.4804 ‑ Notification from receiving bank of erroneously executed payment order; duties of sender; obligation to pay interest; recovery by bank prohibited.
Section 440.4805 ‑ Receiving bank; payment delay; interest; liability to originator for expenses resulting from improper execution; recovery of damages; failure to execute pursuant to express agreement; attorney fees; liability of bank under subsections (1) and (2) not varied by agreement.
174‑1962‑4A‑4 ‑ PART 4 PAYMENT (440.4901...440.4906)
Section 440.4901 ‑ “Payment date” defined.
Section 440.4902 ‑ Payment order issued to beneficiary or receiving bank subject to MCL 440.4705 and 440.4707; payment by sender; refund; right of sender executing payment order to receive or retain payment; right of sender to be excused from obligation to pay or receive refund not varied by agreement.
Section 440.4903 ‑ Sender's obligation under MCL 440.4902 to pay receiving bank; payment requirements; final settlement; satisfaction of sender's payment obligation.
Section 440.4904 ‑ Beneficiary bank; acceptance of payment order subject to MCL 440.4711(5), 440.4905(4), and 440.4905(5); payment due date; refusal of bank to pay after demand; recovery of damages; instruction to pay to beneficiary's account; notice; interest; attorney fees; rights of beneficiary pursuant to agreement or funds-transfer system rule.
Section 440.4905 ‑ Beneficiary bank; crediting account of beneficiary of payment order; payment of bank obligations under MCL 440.4904(1); time of payment; condition to payment or agreement; provisional payments to beneficiary under funds-transfer system rule; refund; applicability of subsection (5) to certain funds transfer.
Section 440.4906 ‑ Originator of funds transfer; conditions for payment to beneficiary; satisfaction and discharge of obligation; determination; rights varied by agreement.
174‑1962‑4A‑5 ‑ PART 5 MISCELLANEOUS PROVISIONS (440.4951...440.4957)
Section 440.4951 ‑ Rights and obligations of party to funds transfer varied by agreement of affected party; “funds-transfer system rule” defined.
Section 440.4952 ‑ “Creditor process” defined and explained.
Section 440.4953 ‑ Powers of court with respect to funds transfer.
Section 440.4954 ‑ Receiving bank; authority to charge sender's account; credits.
Section 440.4955 ‑ Customer objection to payment; notification required.
Section 440.4956 ‑ Receiving bank; determination of interest payable.
Section 440.4957 ‑ Rights and obligations of parties; application of choice of law.
174‑1962‑5 ‑ ARTICLE 5 LETTERS OF CREDIT (440.5101...440.5118)
Section 440.5101 ‑ Uniform commercial code—letters of credit; short title of article.
Section 440.5102 ‑ Definitions.
Section 440.5103 ‑ Letters of credit; scope of article.
Section 440.5104 ‑ Issuance; authentication.
Section 440.5105 ‑ Consideration.
Section 440.5106 ‑ Credit; issuance; enforcement; revocation; expiration.
Section 440.5107 ‑ Confirmation; rights and obligations; request to advise; notice to transferee beneficiary.
Section 440.5108 ‑ Honoring or dishonoring presentation.
Section 440.5109 ‑ Forged or fraudulent document; injunction; findings of court.
Section 440.5110 ‑ Warranties on presentment or transfer.
Section 440.5111 ‑ Wrongful dishonor, repudiation, or breach; rights of claimant or applicant; liability of issuer, nominated person, or adviser; attorney fees; liquidated damages.
Section 440.5112 ‑ Right to draw or demand performance under letter of credit; transfer.
Section 440.5113 ‑ Rights of successor beneficiary.
Section 440.5114 ‑ Proceeds of letter of credit.
Section 440.5115 ‑ Commencement of action.
Section 440.5116 ‑ Jurisdiction; forum.
Section 440.5117 ‑ Rights of subrogation.
Section 440.5118 ‑ Document presented under letter of credit; security interest of issuer or nominated person.
174‑1962‑6 ‑ ARTICLE 6 BULK TRANSFERS (440.6101...440.6111)
Section 440.6101‑440.6111 ‑ Repealed. 1998, Act 489, Imd. Eff. Jan. 4, 1999.
174‑1962‑7 ‑ ARTICLE 7 WAREHOUSE RECEIPTS, BILLS OF LADING AND OTHER DOCUMENTS OF TITLE (440.7101...440.7702)
174‑1962‑7‑1 ‑ PART 1 GENERAL (440.7101...440.7106)
Section 440.7101 ‑ Uniform commercial code—documents of title; short title of article.
Section 440.7102 ‑ Uniform commercial code; documents of title; definitions.
Section 440.7103 ‑ Article subject to governmental treaty, statute, or regulatory statute; electronic signatures.
Section 440.7104 ‑ Negotiable and nonnegotiable warehouse receipt, bill of lading, or other document of title.
Section 440.7105 ‑ Tangible document of title as substitute for electronic document; electronic document title as substitute for tangible document of title; conditions.
Section 440.7106 ‑ Person having control of electronic document.
174‑1962‑7‑2 ‑ PART 2 WAREHOUSE RECEIPTS: SPECIAL PROVISIONS (440.7201...440.7210)
Section 440.7201 ‑ Warehouse receipt; issuance; storage under government bond.
Section 440.7202 ‑ Terms of receipt; form; contrary provisions.
Section 440.7203 ‑ Liability for nonreceipt or misdescription.
Section 440.7204 ‑ Duty of care; contractual limitation of warehouse liability; provisions as to time and manner of presenting claims and commencing actions.
Section 440.7205 ‑ Fungible goods; buyer's title.
Section 440.7206 ‑ Termination of storage at warehouse's option; removal or sale; notice; delivery; satisfaction of lien.
Section 440.7207 ‑ Separation of goods; commingling of fungible goods; overissued receipts.
Section 440.7208 ‑ Alteration of warehouse receipts.
Section 440.7209 ‑ Warehouse's lien; security interest; "household goods" defined; loss of lien.
Section 440.7210 ‑ Warehouse's lien; enforcement procedure; liability for noncompliance.
174‑1962‑7‑3 ‑ PART 3 BILLS OF LADING: SPECIAL PROVISIONS (440.7301...440.7309)
Section 440.7301 ‑ Negotiable bill of lading; issuer's liability for misdating, nonreceipt, or misdescription; goods loaded by issuer of bill of lading; bulk; statement of shipper's weight, load, and count; guarantee; liability.
Section 440.7302 ‑ Through bill of lading or other document of title; variance as to overseas undertaking; obligations of persons other than issuer; obligations of persons to issuer.
Section 440.7303 ‑ Diversion; reconsignment; change of instructions.
Section 440.7304 ‑ Bills of lading in set of parts.
Section 440.7305 ‑ Destination and substitute bills.
Section 440.7306 ‑ Altered bills of lading.
Section 440.7307 ‑ Carrier's lien.
Section 440.7308 ‑ Carrier's lien; enforcement; procedure; liability for noncompliance.
Section 440.7309 ‑ Carrier's duty of care; contractual provisions as to liability.
174‑1962‑7‑4 ‑ PART 4 WAREHOUSE RECEIPTS AND BILLS OF LADING: GENERAL OBLIGATIONS (440.7401...440.7404)
Section 440.7401 ‑ Irregularities in issue of document of title.
Section 440.7402 ‑ Duplicate document of title; overissue.
Section 440.7403 ‑ Delivery; exceptions; satisfaction of bailee's lien; cancellation or indication of partial delivery.
Section 440.7404 ‑ Bailee's delivery in good faith according to document of title.
174‑1962‑7‑5 ‑ PART 5 WAREHOUSE RECEIPTS AND BILLS OF LADING: NEGOTIATION AND TRANSFER (440.7501...440.7509)
Section 440.7501 ‑ Negotiable document of title; indorsement; notice of arrival.
Section 440.7502 ‑ Negotiation; rights acquired.
Section 440.7503 ‑ Documents of title to goods; defeat in certain cases.
Section 440.7504 ‑ Documents of title; transfer by delivery in absence of due negotiation; effect; defeat of transfer rights; diversion or change of shipping instructions; stoppage of delivery.
Section 440.7505 ‑ Documents of title; liability of indorser.
Section 440.7506 ‑ Documents of title; delivery without indorsement; right to have indorsement supplied.
Section 440.7507 ‑ Documents of title; warranties on negotiation or delivery for value.
Section 440.7508 ‑ Documents of title; warranties of collecting bank.
Section 440.7509 ‑ Documents of title; adequacy as contract for sale, lease, or conditions of a credit.
174‑1962‑7‑6 ‑ PART 6 WAREHOUSE RECEIPTS AND BILLS OF LADING: MISCELLANEOUS PROVISIONS (440.7601...440.7603)
Section 440.7601 ‑ Lost, stolen, or destroyed documents of title; delivery of goods or issuance of substitute document; indemnity.
Section 440.7602 ‑ Judicial process; surrender of document of title; purchaser for value.
Section 440.7603 ‑ Conflicting claims; interpleader.
174‑1962‑7‑7 ‑ PART 7 MISCELLANEOUS PROVISIONS (440.7701...440.7702)
Section 440.7701 ‑ Applicability of amendatory act.
Section 440.7702 ‑ Document of title issued or bailment that arises before effective date of amendatory act.
174‑1962‑8 ‑ ARTICLE 8 INVESTMENT SECURITIES (440.8101...440.8601)
174‑1962‑8‑1 ‑ PART 1 SHORT TITLE AND GENERAL MATTERS (440.8101...440.8116)
Section 440.8101 ‑ Uniform commercial code—investment securities; cited as.
Section 440.8102 ‑ Definitions.
Section 440.8103 ‑ Share or equity interest as security; "investment company security" defined; interest in partnership or limited liability company as security or financial asset; writing; option or similar obligation issued by clearing corporation as financial asset; commodity contract; financial asset.
Section 440.8104 ‑ Security or interest in security; financial asset; security entitlement; acquisition; placing security or financial asset in possession of another person.
Section 440.8105 ‑ Notice of adverse claim.
Section 440.8106 ‑ Certificated security in bearer form; certificated security in registered form; uncertificated security; security entitlement; control; agreement by issuer or securities intermediary.
Section 440.8107 ‑ “Appropriate person” defined; effectiveness of indorsement, instruction, or entitlement order.
Section 440.8108 ‑ Warranty to purchaser.
Section 440.8109 ‑ Warranty to securities intermediary.
Section 440.8110 ‑ Jurisdiction.
Section 440.8111 ‑ Rule adopted by clearing corporation; effect.
Section 440.8112 ‑ Reaching interest of debtor.
Section 440.8113 ‑ Sale or purchase of security; enforcement of contract or contract modification.
Section 440.8114 ‑ Action on certificated security against issuer; rules.
Section 440.8115 ‑ Transferring or dealing with financial asset; liability of securities intermediary, broker, or agent.
Section 440.8116 ‑ Securities intermediary as purchaser for value of financial asset; acquisition of security entitlement for value.
174‑1962‑8‑2 ‑ PART 2 ISSUE—ISSUER (440.8201...440.8210)
Section 440.8201 ‑ “Issuer” defined.
Section 440.8202 ‑ Terms of security; effect of defect going to validity of security; rules; defenses; right of party to cancel contract.
Section 440.8203 ‑ Conditions to charging purchaser with notice of defect.
Section 440.8204 ‑ Restriction on transfer of security.
Section 440.8205 ‑ Unauthorized signature.
Section 440.8206 ‑ Completion or alteration of security certificate.
Section 440.8207 ‑ Rights of issuer or indenture trustee with respect to registered owner.
Section 440.8208 ‑ Warranty of person signing security certificate.
Section 440.8210 ‑ Overissue.
174‑1962‑8‑3 ‑ PART 3 PURCHASE (440.8301...440.8321)
Section 440.8301 ‑ Delivery of certificated or uncertificated security to purchaser.
Section 440.8302 ‑ Purchaser of security; rights acquired.
Section 440.8303 ‑ “Protected purchaser” defined.
Section 440.8304 ‑ Indorsement.
Section 440.8305 ‑ Initiation or origination of instruction; completion; reliance; assumption of obligations.
Section 440.8306 ‑ Warranties generally.
Section 440.8307 ‑ Transfer of security on due demand; supplying requisite necessary to obtain registration; effect of noncompliance.
Section 440.8308‑440.8321 ‑ Repealed. 1998, Act 278, Imd. Eff. July 27, 1998.
174‑1962‑8‑4 ‑ PART 4 REGISTRATION (440.8401...440.8408)
Section 440.8401 ‑ Registration of transfer; duty and liability of issuer.
Section 440.8402 ‑ Indorsement as genuine and authorized; assurance; definitions.
Section 440.8403 ‑ Demand; effect; notification; period of time; liability of issuer.
Section 440.8404 ‑ Liability of issuer for wrongful registration or transfer.
Section 440.8405 ‑ Lost, destroyed, or wrongfully taken securities.
Section 440.8406 ‑ Lost, destroyed, or wrongfully taken security certificate; failure to notify issuer.
Section 440.8407 ‑ Authenticating trustee, transfer agent, registrar, or other agent; obligation to holder or owner of certificate.
Section 440.8408 ‑ Repealed. 1998, Act 278, Imd. Eff. July 27, 1998.
174‑1962‑8‑5 ‑ PART 5 SECURITY ENTITLEMENTS (440.8501...440.8511)
Section 440.8501 ‑ “Securities account” defined; acquisition of security entitlement; conditions; directly held financial asset; issuance not as security entitlement.
Section 440.8502 ‑ Action based on adverse claim.
Section 440.8503 ‑ Entitlement holder property interest.
Section 440.8504 ‑ Maintenance of financial asset by securities intermediary; quantity; manner; limitation; duties; applicability to clearing corporation.
Section 440.8505 ‑ Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary.
Section 440.8506 ‑ Duty of securities intermediary to exercise rights with respect to financial asset; conditions.
Section 440.8507 ‑ Compliance with entitlement order by securities intermediary; conditions; wrongful transfer of financial asset pursuant to ineffective entitlement order; liability.
Section 440.8508 ‑ Changing security entitlement into another form of holding; transferring financial asset to securities account of entitlement holder; duties of securities intermediary; conditions.
Section 440.8509 ‑ Performance of duties by securities intermediary.
Section 440.8510 ‑ Assertion of action based on adverse claim; prohibition; conditions; priority.
Section 440.8511 ‑ Priority of claims.
174‑1962‑8‑6 ‑ PART 6 (440.8601...440.8601)
Section 440.8601 ‑ Action or proceeding commenced before act takes effect; security interest perfected at date act takes effect.
174‑1962‑9 ‑ ARTICLE 9 SECURED TRANSACTIONS (440.9101...440.9994)
174‑1962‑9‑1 ‑ PART 1 GENERAL PROVISIONS (440.9101...440.9116)
174‑1962‑9‑1‑1. ‑ SUBPART 1. SHORT TITLE, DEFINITIONS, AND GENERAL CONCEPTS (440.9101...440.9108)
Section 440.9101 ‑ Uniform commercial code—secured transactions; short title.
Section 440.9102 ‑ Definitions and index of definitions.
Section 440.9103 ‑ Purchase-money security interest; application of payments; burden of establishing.
Section 440.9104 ‑ Control of deposit account.
Section 440.9105 ‑ Control of electronic chattel paper.
Section 440.9106 ‑ Control of investment property.
Section 440.9107 ‑ Control of letter-of-credit right.
Section 440.9108 ‑ Sufficiency of description.
174‑1962‑9‑1‑2. ‑ SUBPART 2. APPLICABILITY OF ARTICLE (440.9109...440.9116)
Section 440.9109 ‑ Scope.
Section 440.9110 ‑ Security interests arising under article 2 or 2A.
Section 440.9111 ‑ Repealed. 1998, Act 489, Imd. Eff. Jan. 4, 1999.
Section 440.9112‑440.9116 ‑ Repealed. 2000, Act 348, Eff. July 1, 2001.
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.
Section 440.9202 ‑ Title to collateral immaterial.
Section 440.9203 ‑ Attachment and enforcement of security interest; proceeds; supporting obligations; formal requisites.
Section 440.9204 ‑ After-acquired property; future advances.
Section 440.9205 ‑ Use or disposition of collateral permissible.
Section 440.9206 ‑ Security interest arising in purchase or delivery of financial asset.
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.
Section 440.9208 ‑ Additional duties of secured party having control of collateral.
Section 440.9209 ‑ Duties of secured party if account debtor has been notified of assignment.
Section 440.9210 ‑ Request for accounting; request regarding list of collateral or statement of account.
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.
Section 440.9302 ‑ Law governing perfection and priority of agricultural liens.
Section 440.9303 ‑ Law governing perfection and priority of security interests in goods covered by certificate of title.
Section 440.9304 ‑ Law governing perfection and priority of security interests in deposit accounts.
Section 440.9305 ‑ Law governing perfection and priority of security interests in investment property.
Section 440.9306 ‑ Law governing perfection and priority of security interests in letter-of-credit rights.
Section 440.9307 ‑ "Place of business" defined; location of debtor.
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.
Section 440.9309 ‑ Security interest perfected upon attachment.
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.
Section 440.9311 ‑ Perfection of security interests in property subject to certain statutes, regulations, and treaties.
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 without filing or transfer of possession.
Section 440.9313 ‑ Possession by or delivery to secured party perfecting security interest without filing.
Section 440.9314 ‑ Perfection by control.
Section 440.9315 ‑ Secured party's rights on disposition of collateral and in proceeds.
Section 440.9316 ‑ Continued perfection of security interest following change in governing law.
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.
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.
Section 440.9319 ‑ Rights and title of consignee with respect to creditors and purchasers.
Section 440.9320 ‑ Buyer of goods.
Section 440.9321 ‑ Licensee of general intangible and lessee of goods in ordinary course of business.
Section 440.9322 ‑ Priorities among conflicting security interests in and agricultural liens on same collateral.
Section 440.9323 ‑ Future advances.
Section 440.9324 ‑ Priority of purchase-money security interests.
Section 440.9325 ‑ Priority of security interests in transferred collateral.
Section 440.9326 ‑ Priority of security interests created by new debtor.
Section 440.9327 ‑ Priority of security interests in deposit account.
Section 440.9328 ‑ Priority of security interests in investment property.
Section 440.9329 ‑ Priority of security interests in letter-of-credit right.
Section 440.9330 ‑ Priority of purchaser of chattel paper or instrument.
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.
Section 440.9332 ‑ Transfer of money; transfer of funds from deposit account.
Section 440.9333 ‑ Priority of certain liens arising by operation of law.
Section 440.9334 ‑ Priority of security interests in fixtures and crops.
Section 440.9335 ‑ Accessions.
Section 440.9336 ‑ Commingled goods.
Section 440.9337 ‑ Priority of security interests in goods covered by certificate of title.
Section 440.9338 ‑ Priority of security interests or agricultural lien perfected by filed financing statement providing certain incorrect information.
Section 440.9339 ‑ Priority subject to subordination.
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.
Section 440.9341 ‑ Bank's rights and duties with respect to deposit account.
Section 440.9342 ‑ Bank's right to refuse to enter into or disclose existence of control agreement.
174‑1962‑9‑4 ‑ PART 4 RIGHTS OF THIRD PARTIES (440.9401...440.9410)
Section 440.9401 ‑ Alienability of debtor's rights.
Section 440.9402 ‑ Secured party not obligated on contract of debtor or in tort.
Section 440.9403 ‑ Agreement not to assert defenses against assignee.
Section 440.9404 ‑ Rights acquired by assignee; claims and defenses against assignee.
Section 440.9405 ‑ Modification of assigned contract.
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.
Section 440.9407 ‑ Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest.
Section 440.9408 ‑ Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective.
Section 440.9408a ‑ Repealed. 2000, Act 348, Eff. July 1, 2001.
Section 440.9409 ‑ Restrictions on assignment of letter-of-credit rights ineffective.
Section 440.9410 ‑ Repealed. 2000, Act 348, Eff. July 1, 2001.
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.
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 felony; penalty; "regulated financial institution" defined.
Section 440.9502 ‑ Contents of financing statement; record of mortgage as financing statement; time of filing financing statement.
Section 440.9503 ‑ Name of debtor and secured party; "name of the settlor or testator" defined.
Section 440.9504 ‑ Indication of collateral.
Section 440.9505 ‑ Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.
Section 440.9506 ‑ Effect of errors or omissions.
Section 440.9507 ‑ Effect of certain events on effectiveness of financing statement.
Section 440.9508 ‑ Effectiveness of financing statement if new debtor becomes bound by security agreement.
Section 440.9509 ‑ Persons entitled to file a record.
Section 440.9510 ‑ Effectiveness of filing record.
Section 440.9511 ‑ Secured party of record.
Section 440.9512 ‑ Amendment of financing statement.
Section 440.9513 ‑ Termination statement.
Section 440.9514 ‑ Assignment of powers of secured party of record.
Section 440.9515 ‑ Duration and effectiveness of financing statement; effect of lapsed financing statement; continuation statement; termination.
Section 440.9516 ‑ Filing; requirements; communication of record with tender of filing fee; effectiveness.
Section 440.9517 ‑ Effect of indexing errors.
Section 440.9518 ‑ Information statement concerning inaccurate or wrongfully filed record.
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.
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.
Section 440.9521 ‑ Form and format of written initial financing statement and amendment.
Section 440.9522 ‑ Maintenance and destruction of records.
Section 440.9523 ‑ Request for acknowledgment of filing; duties of filing office; communication; medium; subscription; fee.
Section 440.9524 ‑ Delay by filing office.
Section 440.9525 ‑ Fee for filing and indexing record; other fees.
Section 440.9526 ‑ Filing-office rules.
Section 440.9527 ‑ Repealed. 2008, Act 383, Eff. Mar. 29, 2009.
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.
Section 440.9602 ‑ Waiver and variance of rights and duties.
Section 440.9603 ‑ Agreement on standards concerning rights and duties.
Section 440.9604 ‑ Procedure if security agreement covers real property or fixtures.
Section 440.9605 ‑ Unknown debtor or secondary obligor.
Section 440.9606 ‑ Time of default for agricultural lien.
Section 440.9607 ‑ Collection and enforcement by secured party.
Section 440.9608 ‑ Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
Section 440.9609 ‑ Secured party's right to take possession after default.
Section 440.9610 ‑ Disposition of collateral after default.
Section 440.9611 ‑ Notification before disposition of collateral.
Section 440.9612 ‑ Timeliness of notification before disposition of collateral.
Section 440.9613 ‑ Contents and form of notification before disposition of collateral; generally.
Section 440.9614 ‑ Contents and form of notification before disposition of collateral; consumer-goods transaction.
Section 440.9615 ‑ Application of proceeds of disposition; liability for deficiency and right to surplus.
Section 440.9616 ‑ Explanation of calculation of surplus or deficiency.
Section 440.9617 ‑ Rights of transferee of collateral.
Section 440.9618 ‑ Rights and duties of certain secondary obligors.
Section 440.9619 ‑ Transfer of record or legal title.
Section 440.9620 ‑ Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
Section 440.9621 ‑ Notification of proposal to accept collateral.
Section 440.9622 ‑ Effect of acceptance of collateral.
Section 440.9623 ‑ Right to redeem collateral.
Section 440.9624 ‑ Waiver.
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.
Section 440.9626 ‑ Action in which deficiency or surplus is in issue.
Section 440.9627 ‑ Determination of whether conduct was commercially reasonable.
Section 440.9628 ‑ Nonliability and limitation on liability of secured party; liability of secondary obligor.
174‑1962‑9‑7 ‑ PART 7 TRANSITION (440.9701...440.9709)
Section 440.9701 ‑ “This amendatory act” defined.
Section 440.9702 ‑ Savings clause.
Section 440.9703 ‑ Security interest perfected before effective date.
Section 440.9704 ‑ Security interest unperfected before effective date.
Section 440.9705 ‑ Effectiveness of action taken before effective date.
Section 440.9706 ‑ When initial financing statement suffices to continue effectiveness of financing statement.
Section 440.9707 ‑ Pre-effective-date financing statement.
Section 440.9708 ‑ Persons entitled to file initial financing statement or continuation statement.
Section 440.9709 ‑ Priority.
174‑1962‑9‑8 ‑ PART 8 TRANSITION PROVISIONS FOR 2010 AMENDMENTS (440.9801...440.9809)
Section 440.9801 ‑ Definitions.
Section 440.9802 ‑ Applicability; scope.
Section 440.9803 ‑ Perfected security interest before effective date of amendatory act.
Section 440.9804 ‑ Unperfected security interest before effective date of amendatory act.
Section 440.9805 ‑ Filing of financing statement or continuation statement before effective date of amendatory act.
Section 440.9806 ‑ Continuation of effectiveness of pre-effective-date financing statement; filing of initial financing statement.
Section 440.9807 ‑ Amending information in pre-effective-date financing statement; filing termination statement.
Section 440.9808 ‑ Filing initial financing statement or continuation statement; conditions.
Section 440.9809 ‑ Priority of conflicting claims to collateral; establishment before effective date of amendatory act.
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.
Section 440.9992 ‑ Repeal.
Section 440.9993 ‑ Saving clause.
Section 440.9994 ‑ Effect of Article 7.
174‑1962‑11 ‑ ARTICLE 11 EFFECTIVE DATE AND PROVISIONS FOR TRANSITION TO AMENDATORY ACT (440.11101...440.11102)
Section 440.11101 ‑ Repealed. 2012, Act 88, Eff. July 1, 2013.
Section 440.11102 ‑ Repealed. 2012, Act 88, Eff. July 1, 2013.