reglab/housing_qa huggingface dataset:
MI Comp L § 440.9611 (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)|174-1962-9-6 - 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 440.9611 - Notification Before Disposition of Collateral.

440.9611 Notification before disposition of collateral. Sec. 9611.  (1) As used in this section, "notification date" means the earlier of the date on which 1 of the following occurs:  (a) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition.  (b) The debtor and any secondary obligor waive the right to notification.  (2) Except as otherwise provided in subsection (4), a secured party that disposes of collateral under section 9610 shall send to the persons specified in subsection (3) a reasonable authenticated notification of disposition.  (3) To comply with subsection (2), the secured party shall send an authenticated notification of disposition to all of the following:  (a) The debtor.  (b) Any secondary obligor.  (c) If the collateral is other than consumer goods, all of the following, as applicable:  (i) Any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral.  (ii) Any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that identified the collateral, was indexed under the debtor's name as of that date, and was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date.  (iii) Any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in section 9311(1).  (4) Subsection (2) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.  (5) A secured party complies with the requirement for notification prescribed by subsection (3)(c)(ii) if the secured party does both of the following:  (a) Not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (3)(c)(ii).  (b) Before the notification date, 1 of the following applies:  (i) The secured party did not receive a response to the request for information.  (ii) The secured party received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9612 (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)|174-1962-9-6 - 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 440.9612 - Timeliness of Notification Before Disposition of Collateral.

440.9612 Timeliness of notification before disposition of collateral. Sec. 9612.  (1) Except as otherwise provided in subsection (2), whether a notification is sent within a reasonable time is a question of fact.  (2) In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9613 (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)|174-1962-9-6 - 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 440.9613 - Contents and Form of Notification Before Disposition of Collateral; Generally.

440.9613 Contents and form of notification before disposition of collateral; generally.Sec. 9613.  Except in a consumer-goods transaction, the following rules apply:  (a) The contents of a notification of disposition are sufficient if the notification does all of the following:  (i) Describes the debtor and the secured party.  (ii) Describes the collateral that is the subject of the intended disposition.  (iii) States the method of intended disposition.  (iv) States that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting.  (v) States the time and place of a public disposition or the time after which any other disposition is to be made.  (b) Whether the contents of a notification that lacks any of the information specified in subdivision (a) are nevertheless sufficient is a question of fact.  (c) The contents of a notification providing substantially the information specified in subdivision (a) are sufficient, even if the notification includes information not specified by that paragraph or minor errors that are not seriously misleading.  (d) A particular phrasing of the notification is not required.  (e) The following form of notification and the form appearing in section 9614(c), when completed, each provides sufficient information:   NOTIFICATION OF DISPOSITION OF COLLATERAL   To: [Name of debtor, obligor, or other person to which the notification is sent]   From: [Name, address, and telephone number of secured party]   Name of Debtor(s): [Include only if debtor(s) are not an addressee]    Day and Date: _____________________   Time: _____________________   Place: _____________________   [For a private disposition:]     You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of $_____________]. You may request an accounting by calling us at [telephone number].   [End of Form]    History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9617 (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)|174-1962-9-6 - 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 440.9617 - Rights of Transferee of Collateral.

440.9617 Rights of transferee of collateral. Sec. 9617.  (1) A secured party's disposition of collateral after default does all of the following:  (a) Transfers to a transferee for value all of the debtor's rights in the collateral.  (b) Discharges the security interest under which the disposition is made.  (c) Discharges any subordinate security interest or other subordinate lien.  (2) A transferee that acts in good faith takes free of the rights and interests described in subsection (1), even if the secured party fails to comply with this article or the requirements of any judicial proceeding.  (3) If a transferee does not take free of the rights and interests described in subsection (1), the transferee takes the collateral subject to all of the following:  (a) The debtor's rights in the collateral.  (b) The security interest or agricultural lien under which the disposition is made.  (c) Any other security interest or other lien. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9618 (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)|174-1962-9-6 - 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 440.9618 - Rights and Duties of Certain Secondary Obligors.

440.9618 Rights and duties of certain secondary obligors. Sec. 9618.  (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after all of the following:  (a) The secondary obligor receives an assignment of a secured obligation from the secured party.  (b) The secondary obligor receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party.  (c) The secondary obligor is subrogated to the rights of a secured party with respect to collateral.  (2) An assignment, transfer, or subrogation described in subsection (1) results in both of the following:  (a) It is not a disposition of collateral under section 9610.  (b) It relieves the secured party of further duties under this article. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9619 (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)|174-1962-9-6 - 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 440.9619 - Transfer of Record or Legal Title.

440.9619 Transfer of record or legal title. Sec. 9619.  (1) As used in this section, "transfer statement" means a record authenticated by a secured party stating all of the following:  (a) That the debtor has defaulted in connection with an obligation secured by specified collateral.  (b) That the secured party has exercised its postdefault remedies with respect to the collateral.  (c) That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral.  (d) The name and mailing address of the secured party, debtor, and transferee.  (2) A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall do all of the following:  (a) Accept the transfer statement.  (b) Promptly amend its records to reflect the transfer.  (c) If applicable, issue a new appropriate certificate of title in the name of the transferee.  (3) A transfer of the record or legal title to collateral to a secured party under subsection (2) or otherwise is not of itself a disposition of collateral under this article and does not of itself relieve the secured party of its duties under this article. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9621 (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)|174-1962-9-6 - 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 440.9621 - Notification of Proposal to Accept Collateral.

440.9621 Notification of proposal to accept collateral. Sec. 9621.  (1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to all of the following:  (a) Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral.  (b) Any other secured party or lienholder that, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that met all of the following:  (i) Identified the collateral.  (ii) Was indexed under the debtor's name as of that date.  (iii) Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date.  (c) Any other secured party that, 10 days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in section 9311(1).  (2) A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (1). History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9622 (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)|174-1962-9-6 - 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 440.9622 - Effect of Acceptance of Collateral.

440.9622 Effect of acceptance of collateral. Sec. 9622.  (1) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures does all of the following:  (a) Discharges the obligation to the extent consented to by the debtor.  (b) Transfers to the secured party all of a debtor's rights in the collateral.  (c) Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien.  (d) Terminates any other subordinate interest.  (2) A subordinate interest is discharged or terminated under subsection (1), even if the secured party fails to comply with this article. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9623 (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)|174-1962-9-6 - 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 440.9623 - Right to Redeem Collateral.

440.9623 Right to redeem collateral. Sec. 9623.  (1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.  (2) To redeem collateral, a person shall tender both of the following:  (a) Fulfillment of all obligations secured by the collateral.  (b) The reasonable expenses and attorney fees described in section 9615(1)(a).  (3) A redemption may occur at any time before a secured party has done 1 of the following:  (a) Has collected collateral under section 9607.  (b) Has disposed of collateral or entered into a contract for its disposition under section 9610.  (c) Has accepted collateral in full or partial satisfaction of the obligation it secures under section 9622. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9624 (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)|174-1962-9-6 - 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 440.9624 - Waiver.

440.9624 Waiver. Sec. 9624.  (1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 9611 only by an agreement to that effect entered into and authenticated after default.  (2) A debtor may waive the right to require disposition of collateral under section 9620(5) only by an agreement to that effect entered into and authenticated after default.  (3) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under section 9623 only by an agreement to that effect entered into and authenticated after default. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9626 (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)|174-1962-9-6 - Part 6 Default (440.9601...440.9628)|174-1962-9-6-2. - Subpart 2. Noncompliance With Article (440.9625...440.9628)|Section 440.9626 - Action in Which Deficiency or Surplus Is in Issue.

440.9626 Action in which deficiency or surplus is in issue.Sec. 9626.  In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply:  (a) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.  (b) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part.  (c) Except as otherwise provided in section 9628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney fees exceeds the greater of 1 of the following:  (i) The proceeds of the collection, enforcement, disposition, or acceptance.  (ii) The amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.  (d) For purposes of subdivision (c)(ii), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney fees unless the secured party proves that the amount is less than that sum.  (e) If a deficiency or surplus is calculated under section 9615(6), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought. History: Add. 2000, Act 348, Eff. July 1, 2001 ;-- Am. 2014, Act 104, Imd. Eff. Apr. 10, 2014
MI Comp L § 440.9627 (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)|174-1962-9-6 - Part 6 Default (440.9601...440.9628)|174-1962-9-6-2. - Subpart 2. Noncompliance With Article (440.9625...440.9628)|Section 440.9627 - Determination of Whether Conduct Was Commercially Reasonable.

440.9627 Determination of whether conduct was commercially reasonable. Sec. 9627.  (1) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.  (2) A disposition of collateral is made in a commercially reasonable manner if the disposition is made in the usual manner on any recognized market, at the price current in any recognized market at the time of the disposition, or otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.  (3) A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved in a judicial proceeding, by a bona fide creditors' committee, by a representative of creditors, or by an assignee for the benefit of creditors.  (4) Approval under subsection (3) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9628 (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)|174-1962-9-6 - Part 6 Default (440.9601...440.9628)|174-1962-9-6-2. - Subpart 2. Noncompliance With Article (440.9625...440.9628)|Section 440.9628 - Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor.

440.9628 Nonliability and limitation on liability of secured party; liability of secondary obligor. Sec. 9628.  (1) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person, both of the following apply:  (a) The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this article.  (b) The secured party's failure to comply with this article does not affect the liability of the person for a deficiency.  (2) A secured party is not liable because of its status as secured party to either of the following:  (a) To a person that is a debtor or obligor, unless the secured party knows all of the following:  (i) That the person is a debtor or obligor.  (ii) The identity of the person.  (iii) How to communicate with the person.  (b) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows both of the following:  (i) That the person is a debtor.  (ii) The identity of the person.  (3) A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on 1 or more of the following:  (a) A debtor's representation concerning the purpose for which collateral was to be used, acquired, or held.  (b) An obligor's representation concerning the purpose for which a secured obligation was incurred.  (4) A secured party is not liable to any person under section 9625(3)(b) for its failure to comply with section 9616.  (5) A secured party is not liable under section 9625(3)(b) more than once with respect to any 1 secured obligation. History: Add. 2000, Act 348, Eff. July 1, 2001