reglab/housing_qa huggingface dataset:
MI Comp L § 440.9205 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 9 - Secured Transactions (440.9101...440.9994)|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 440.9205 - Use or Disposition of Collateral Permissible.

440.9205 Use or disposition of collateral permissible. 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 returned or repossessed goods.  (ii) Collect, compromise, enforce, or otherwise deal with collateral.  (iii) Accept the return of collateral or make repossessions.  (iv) Use, commingle, or dispose of proceeds.  (b) The secured party fails to require the debtor to account for proceeds or replace collateral.  (2) This section does not relax the requirements of possession if attachment, perfection, or enforcement or a security interest depends upon possession of the collateral by the secured party. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9206 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 9 - Secured Transactions (440.9101...440.9994)|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 440.9206 - Security Interest Arising in Purchase or Delivery of Financial Asset.

440.9206 Security interest arising in purchase or delivery of financial asset. 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 securities intermediary at the time of the purchase, and the securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.  (2) The security interest described in subsection (1) secures the person's obligation to pay for the financial asset.  (3) A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if both of the following are met:  (a) The security or other financial asset in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment, and is delivered under an agreement between persons in the business of dealing with the securities or financial assets.  (b) The agreement calls for delivery against payment.  (4) The security interest described in subsection (3) secures the obligation to make payment for the delivery. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1964, Act 250, Eff. Aug. 28, 1964 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9207 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 9 - Secured Transactions (440.9101...440.9994)|174-1962-9-2 - Part 2 Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement (440.9201...440.9210)|174-1962-9-2-2. - Subpart 2. Rights and Duties (440.9207...440.9210)|Section 440.9207 - Rights and Duties of Secured Party Having Possession or Control of Collateral.

440.9207 Rights and duties of secured party having possession or control of collateral.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 to preserve rights against prior parties unless otherwise agreed.  (2) Except as otherwise provided in subsection (4), if a secured party has possession of collateral all of the following apply:  (a) Reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use, or operation of the collateral are chargeable to the debtor and are secured by the collateral.  (b) The risk of accidental loss or damage is on the debtor to the extent of a deficiency in any effective insurance coverage.  (c) The secured party shall keep the collateral identifiable, but fungible collateral may be commingled.  (d) The secured party may use or operate the collateral for the purpose of preserving the collateral or its value; as permitted by an order of a court having competent jurisdiction; or except in the case of consumer goods, in the manner and to the extent agreed by the debtor.  (3) Except as otherwise provided in subsection (4), a secured party having possession of collateral or control of collateral under section 7106, 9104, 9105, 9106, or 9107 may hold as additional security any proceeds, except money or funds, received from the collateral, shall apply money or funds received from the collateral to reduce the secured obligation unless remitted to the debtor, and may create a security interest in the collateral.  (4) If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor, subsections (2) and (3) do not apply, and subsection (1) does not apply unless the secured party is entitled under an agreement to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2000, Act 348, Eff. July 1, 2001 ;-- Am. 2012, Act 87, Eff. July 1, 2013
MI Comp L § 440.9209 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 9 - Secured Transactions (440.9101...440.9994)|174-1962-9-2 - Part 2 Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement (440.9201...440.9210)|174-1962-9-2-2. - Subpart 2. Rights and Duties (440.9207...440.9210)|Section 440.9209 - Duties of Secured Party if Account Debtor Has Been Notified of Assignment.

440.9209 Duties of secured party if account debtor has been notified of assignment. 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 authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under section 9406(1) an authenticated record that releases the account debtor from any further obligation to the secured party.  (3) This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9301 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 9 - Secured Transactions (440.9101...440.9994)|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.

440.9301 Law governing perfection and priority of security interests.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, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.  (b) While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.  (c) Except as otherwise provided in subdivision (d), while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs perfection of a security interest in the goods by filing a fixture filing, perfection of a security interest in timber to be cut, and the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.  (d) The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1984, Act 170, Imd. Eff. June 29, 1984 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998 ;-- Am. 2000, Act 348, Eff. July 1, 2001 ;-- Am. 2012, Act 87, Eff. July 1, 2013
MI Comp L § 440.9302 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 9 - Secured Transactions (440.9101...440.9994)|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 440.9302 - Law Governing Perfection and Priority of Agricultural Liens.

440.9302 Law governing perfection and priority of agricultural liens. 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. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1964, Act 235, Eff. Aug. 28, 1964 ;-- Am. 1976, Act 27, Imd. Eff. Mar. 4, 1976 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1978, Act 607, Eff. Jan. 6, 1979 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1996, Act 72, Imd. Eff. Feb. 26, 1996 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9303 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 9 - Secured Transactions (440.9101...440.9994)|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 440.9303 - Law Governing Perfection and Priority of Security Interests in Goods Covered by Certificate of Title.

440.9303 Law governing perfection and priority of security interests in goods covered by certificate of title. Sec. 9303.  (1) This section applies to goods covered by 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 when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority. Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceases to be effective under the law of the issuing jurisdiction or the time the goods become covered subsequently by a certificate of title issued by another jurisdiction.  (3) The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9304 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 9 - Secured Transactions (440.9101...440.9994)|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 440.9304 - Law Governing Perfection and Priority of Security Interests in Deposit Accounts.

440.9304 Law governing perfection and priority of security interests in deposit accounts. 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 this part:  (a) If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for the purpose of this part, this article, or this act, that jurisdiction is the bank's jurisdiction.  (b) If subdivision (a) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction.  (c) If neither subdivision (a) nor (b) applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction.  (d) If none of the preceding subdivisions apply, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located.  (e) If none of the preceding subdivisions apply, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998 ;-- Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9306 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 9 - Secured Transactions (440.9101...440.9994)|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 440.9306 - Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights.

440.9306 Law governing perfection and priority of security interests in letter-of-credit rights. Sec. 9306.  (1) Subject to subsection (3), the local law 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 jurisdiction or nominated person's jurisdiction is a state.  (2) For purposes of this part, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in section 5116.  (3) This section does not apply to a security interest that is perfected only under section 9308(4). History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9308 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 9 - Secured Transactions (440.9101...440.9994)|174-1962-9-3 - Part 3 Perfection and Priority (440.9301...440.9342)|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.

440.9308 When security interest or agricultural lien is perfected; continuity of perfection. 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 attaches if the applicable requirements are satisfied before the security interest attaches.  (2) An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in section 9310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.  (3) A security interest or agricultural lien is perfected continuously if it is originally perfected by 1 method under this article and is later perfected by another method under this article, without an intermediate period when it was unperfected.  (4) Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.  (5) Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.  (6) Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.  (7) Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9309 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 9 - Secured Transactions (440.9101...440.9994)|174-1962-9-3 - Part 3 Perfection and Priority (440.9301...440.9342)|174-1962-9-3-2. - Subpart 2. Perfection (440.9308...440.9316)|Section 440.9309 - Security Interest Perfected Upon Attachment.

440.9309 Security interest perfected upon attachment. 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 9311(1).  (b) An assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor's outstanding accounts or payment intangibles.  (c) A sale of a payment intangible.  (d) A sale of a promissory note.  (e) A security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services.  (f) A security interest arising under section 2401, 2505, 2711(3), or 2A508(5), until the debtor obtains possession of the collateral.  (g) A security interest of a collecting bank arising under section 4210.  (h) A security interest of an issuer or nominated person arising under section 5118.  (i) A security interest arising in the delivery of a financial asset under section 9206(3).  (j) A security interest in investment property created by a broker or securities intermediary.  (k) A security interest in a commodity contract or a commodity account created by a commodity intermediary.  (l) An assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder.  (m) A security interest created by an assignment of a beneficial interest in a decedent's estate. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9310 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 9 - Secured Transactions (440.9101...440.9994)|174-1962-9-3 - Part 3 Perfection and Priority (440.9301...440.9342)|174-1962-9-3-2. - Subpart 2. Perfection (440.9308...440.9316)|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.

440.9310 When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply.Sec. 9310.  (1) Except as otherwise provided in subsection (2) 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 security interest that is perfected under section 9308(4), (5), (6), or (7).  (b) A security interest that is perfected under section 9309 when it attaches.  (c) A security interest in property subject to a statute, regulation, or treaty described in section 9311(1).  (d) A security interest in goods in possession of a bailee that is perfected under section 9312(4)(a) or (b).  (e) A security interest in certificated securities, documents, goods, or instruments that is perfected without filing, control, or possession under section 9312(5), (6), or (7).  (f) A security interest in collateral in the secured party's possession under section 9313.  (g) A security interest in a certificated security that is perfected by delivery of the security certificate to the secured party under section 9313.  (h) A security interest in deposit accounts, electronic chattel paper, electronic documents, investment property, or letter-of-credit rights that is perfected by control under section 9314.  (i) A security interest in proceeds that is perfected under section 9315.  (j) A security interest that is perfected under section 9316.  (3) If a secured party assigns a perfected security interest or agricultural lien, a filing under this article is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2000, Act 348, Eff. July 1, 2001 ;-- Am. 2012, Act 87, Eff. July 1, 2013