reglab/housing_qa huggingface dataset:
MI Comp L § 440.9330 (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)|174-1962-9-3-3. - Subpart 3. Priority (440.9317...440.9339)|Section 440.9330 - Priority of Purchaser of Chattel Paper or Instrument.

440.9330 Priority of purchaser of chattel paper or instrument. Sec. 9330.  (1) A purchaser of chattel paper has priority over a security interest in the chattel paper that is claimed merely as proceeds of inventory subject to a security interest if both of the following are met:  (a) In good faith and in the ordinary course of the purchaser's business, the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under section 9105.  (b) The chattel paper does not indicate that it has been assigned to an identified assignee other than the purchaser.  (2) A purchaser of chattel paper has priority over a security interest in the chattel paper that is claimed other than merely as proceeds of inventory subject to a security interest if the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under section 9105 in good faith, in the ordinary course of the purchaser's business, and without knowledge that the purchase violates the rights of the secured party.  (3) Except as otherwise provided in section 9327, a purchaser having priority in chattel paper under subsection (1) or (2) also has priority in proceeds of the chattel paper to the extent that section 9322 provides for priority in the proceeds, or the proceeds consist of the specific goods covered by the chattel paper or cash proceeds of the specific goods, even if the purchaser's security interest in the proceeds is unperfected.  (4) Except as otherwise provided in section 9331(1), a purchaser of an instrument has priority over a security interest in the instrument perfected by a method other than possession if the purchaser gives value and takes possession of the instrument in good faith and without knowledge that the purchase violates the rights of the secured party.  (5) For purposes of subsections (1) and (2), the holder of a purchase-money security interest in inventory gives new value for chattel paper constituting proceeds of the inventory.  (6) For purposes of subsections (2) and (4), if chattel paper or an instrument indicates that it has been assigned to an identified secured party other than the purchaser, a purchaser of the chattel paper or instrument has knowledge that the purchase violates the rights of the secured party. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9331 (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)|174-1962-9-3-3. - Subpart 3. Priority (440.9317...440.9339)|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.

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. Sec. 9331.  (1) This article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, or a protected purchaser of a security. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in articles 3, 7, and 8.  (2) This article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under article 8.  (3) Filing under this article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections (1) and (2). History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9332 (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)|174-1962-9-3-3. - Subpart 3. Priority (440.9317...440.9339)|Section 440.9332 - Transfer of Money; Transfer of Funds From Deposit Account.

440.9332 Transfer of money; transfer of funds from deposit account. Sec. 9332.  (1) A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.  (2) A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9333 (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)|174-1962-9-3-3. - Subpart 3. Priority (440.9317...440.9339)|Section 440.9333 - Priority of Certain Liens Arising by Operation of Law.

440.9333 Priority of certain liens arising by operation of law. Sec. 9333.  (1) As used in this section, "possessory lien" means an interest, other than a security interest or an agricultural lien, that meets all of the following:  (a) It secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business.  (b) It is created by statute or rule of law in favor of the person.  (c) Its effectiveness depends on the person's possession of the goods.  (2) A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9335 (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)|174-1962-9-3-3. - Subpart 3. Priority (440.9317...440.9339)|Section 440.9335 - Accessions.

440.9335 Accessions. Sec. 9335.  (1) A security interest may be created in an accession and continues in collateral that becomes an accession.  (2) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral.  (3) Except as otherwise provided in subsection (4), the other provisions of this part determine the priority of a security interest in an accession.  (4) A security interest in an accession is subordinate to a security interest in the whole which is perfected by compliance with the requirements of a certificate-of-title statute under section 9311(2).  (5) After default, subject to part 6 of this article, a secured party may remove an accession from other goods if the security interest in the accession has priority over the claims of every person having an interest in the whole.  (6) A secured party that removes an accession from other goods under subsection (5) shall promptly reimburse any holder of a security interest or other lien on, or owner of, the whole or of the other goods, other than the debtor, for the cost of repair of any physical injury to the whole or the other goods. The secured party need not reimburse the holder or owner for any diminution in value of the whole or the other goods caused by the absence of the accession removed or by any necessity for replacing it. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9336 (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)|174-1962-9-3-3. - Subpart 3. Priority (440.9317...440.9339)|Section 440.9336 - Commingled Goods.

440.9336 Commingled goods. Sec. 9336.  (1) As used in this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass.  (2) A security interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass that results when goods become commingled goods.  (3) If collateral becomes commingled goods, a security interest attaches to the product or mass.  (4) If a security interest in collateral is perfected before the collateral becomes commingled goods, the security interest that attaches to the product or mass under subsection (3) is perfected.  (5) Except as otherwise provided in subsection (6), the other provisions of this part determine the priority of a security interest that attaches to the product or mass under subsection (3).  (6) If more than 1 security interest attaches to the product or mass under subsection (3), the following rules determine priority:  (a) A security interest that is perfected under subsection (4) has priority over a security interest that is unperfected at the time the collateral becomes commingled goods.  (b) If more than 1 security interest is perfected under subsection (4), the security interests rank equally in proportion to the value of the collateral at the time it became commingled goods. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9337 (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)|174-1962-9-3-3. - Subpart 3. Priority (440.9317...440.9339)|Section 440.9337 - Priority of Security Interests in Goods Covered by Certificate of Title.

440.9337 Priority of security interests in goods covered by certificate of title. Sec. 9337.  If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate, both of the following apply:  (a) A buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest.  (b) The security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under section 9311(2), after issuance of the certificate and without the conflicting secured party's knowledge of the security interests. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9338 (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)|174-1962-9-3-3. - Subpart 3. Priority (440.9317...440.9339)|Section 440.9338 - Priority of Security Interests or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information.

440.9338 Priority of security interests or agricultural lien perfected by filed financing statement providing certain incorrect information.Sec. 9338.  If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 9516(2)(e) that is incorrect at the time the financing statement is filed, all of the following apply:  (a) The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information.  (b) A purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral. History: Add. 2000, Act 348, Eff. July 1, 2001 ;-- Am. 2012, Act 87, Eff. July 1, 2013
MI Comp L § 440.9339 (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)|174-1962-9-3-3. - Subpart 3. Priority (440.9317...440.9339)|Section 440.9339 - Priority Subject to Subordination.

440.9339 Priority subject to subordination. Sec. 9339.  This article does not preclude subordination by agreement by a person entitled to priority. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9340 (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)|174-1962-9-3-4. - Subpart 4. Rights of Bank (440.9340...440.9342)|Section 440.9340 - Effectiveness of Right of Recoupment or Setoff Against Deposit Account.

440.9340 Effectiveness of right of recoupment or setoff against deposit account. Sec. 9340.  (1) Except as otherwise provided in subsection (3), a bank with which a deposit account is maintained may exercise any right of recoupment or setoff against a secured party that holds a security interest in the deposit account.  (2) Except as otherwise provided in subsection (3), the application of this article to a security interest in a deposit account does not affect a right of recoupment or setoff of the secured party as to a deposit account maintained with the secured party.  (3) The exercise by a bank of a setoff against a deposit account is ineffective against a secured party that holds a security interest in the deposit account that is perfected by control under section 9104(1)(c), if the setoff is based on a claim against the debtor. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9341 (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)|174-1962-9-3-4. - Subpart 4. Rights of Bank (440.9340...440.9342)|Section 440.9341 - Bank's Rights and Duties With Respect to Deposit Account.

440.9341 Bank's rights and duties with respect to deposit account. Sec. 9341.  Except as otherwise provided in section 9340(3), and unless the bank otherwise agrees in an authenticated record, a bank's rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by 1 or more of the following:  (a) The creation, attachment, or perfection of a security interest in the deposit account.  (b) The bank's knowledge of the security interest.  (c) The bank's receipt of instructions from the secured party. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9342 (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)|174-1962-9-3-4. - Subpart 4. Rights of Bank (440.9340...440.9342)|Section 440.9342 - Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement.

440.9342 Bank's right to refuse to enter into or disclose existence of control agreement. Sec. 9342.  This article does not require a bank to enter into an agreement of the kind described in section 9104(1)(b), even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9502 (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)|174-1962-9-5 - 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 440.9502 - Contents of Financing Statement; Record of Mortgage as Financing Statement; Time of Filing Financing Statement.

440.9502 Contents of financing statement; record of mortgage as financing statement; time of filing financing statement.Sec. 9502.  (1) Subject to subsection (2), a financing statement is sufficient only if it does all of the following:  (a) Provides the name of the debtor.  (b) Provides the name of the secured party or a representative of the secured party.  (c) Indicates the collateral covered by the financing statement.  (2) Except as otherwise provided in section 9501(2), to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or that is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (1) and also do all of the following:  (a) Indicate that it covers this type of collateral.  (b) Indicate that it is to be recorded in the real property records.  (c) Provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this state if the description were contained in a record of the mortgage of the real property.  (d) If the debtor does not have an interest of record in the real property, provide the name of a record owner.  (3) A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if all of the following apply:  (a) The record indicates the goods or accounts that it covers.  (b) The goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut.  (c) The record satisfies the requirements for a financing statement in this section, subject to the following:  (i) The record need not indicate that it is to be filed in the real property records.  (ii) The record sufficiently provides the name of a debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom section 9503(1)(d) applies.  (d) The record is duly recorded.  (4) A financing statement may be filed before a security agreement is made or a security interest otherwise attaches. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 2000, Act 348, Eff. July 1, 2001 ;-- Am. 2012, Act 88, Eff. July 1, 2013
MI Comp L § 440.9504 (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)|174-1962-9-5 - 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 440.9504 - Indication of Collateral.

440.9504 Indication of collateral. Sec. 9504.  A financing statement sufficiently indicates the collateral that it covers if the financing statement provides 1 of the following:  (a) A description of the collateral pursuant to section 9108.  (b) An indication that the financing statement covers all assets or all personal property. 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 § 440.9505 (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)|174-1962-9-5 - 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 440.9505 - Filing and Compliance With Other Statutes and Treaties for Consignments, Leases, Other Bailments, and Other Transactions.

440.9505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions. Sec. 9505.  (1) A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in section 9311(1), using the terms "consignor", "consignee", "lessor", "lessee", "bailor", "bailee", "licensor", "licensee", "owner", "registered owner", "buyer", "seller", or words of similar import, instead of the terms "secured party" and "debtor".  (2) This part applies to the filing of a financing statement under subsection (1) and, as appropriate, to compliance that is equivalent to filing a financing statement under section 9311(2), but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance. 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 § 440.9506 (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)|174-1962-9-5 - 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 440.9506 - Effect of Errors or Omissions.

440.9506 Effect of errors or omissions. Sec. 9506.  (1) A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.  (2) Except as otherwise provided in subsection (3), a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 9503(1) is seriously misleading.  (3) If a search of the records of the filing office under the debtor's correct name, using the filing office's standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 9503(1), the name provided does not make the financing statement seriously misleading.  (4) For purposes of section 9508(2), the "debtor's correct name" in subsection (3) means the correct name of the new debtor. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2000, Act 348, Eff. July 1, 2001