reglab/housing_qa huggingface dataset:
MI Comp L § 440.8505 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-5 - Part 5 Security Entitlements (440.8501...440.8511)|Section 440.8505 - Obtaining Payment or Distribution Made by Issuer of Financial Asset; Duties and Obligations of Securities Intermediary.

440.8505 Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary. Sec. 8505.  (1) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. This duty is satisfied if the securities intermediary does either of the following:   (a) Acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary.   (b) In the absence of agreement, exercise due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.  (2) A securities intermediary is obligated to its entitlement holder for a payment or distribution made by the issuer of a financial asset if the payment or distribution is received by the securities intermediary. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8506 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-5 - Part 5 Security Entitlements (440.8501...440.8511)|Section 440.8506 - Duty of Securities Intermediary to Exercise Rights With Respect to Financial Asset; Conditions.

440.8506 Duty of securities intermediary to exercise rights with respect to financial asset; conditions. Sec. 8506.  A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. The duty is satisfied if the securities intermediary does either of the following:  (a) Acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary.   (b) In the absence of agreement, either places the entitlement holder in a position to exercise the rights directly or exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8507 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-5 - Part 5 Security Entitlements (440.8501...440.8511)|Section 440.8507 - Compliance With Entitlement Order by Securities Intermediary; Conditions; Wrongful Transfer of Financial Asset Pursuant to Ineffective Entitlement Order; Liability.

440.8507 Compliance with entitlement order by securities intermediary; conditions; wrongful transfer of financial asset pursuant to ineffective entitlement order; liability. Sec. 8507.  (1) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securities intermediary has had reasonable opportunity to comply with the entitlement order. The duty is satisfied if a securities intermediary does either of the following:  (a) Acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary.   (b) In the absence of agreement, exercises due care in accordance with reasonable commercial standards to comply with the entitlement order.  (2) If a securities intermediary transfers a financial asset pursuant to an ineffective entitlement order, the securities intermediary shall reestablish a security entitlement in favor of the person entitled to it, and pay or credit any payments or distributions that the person did not receive as a result of the wrongful transfer. If the securities intermediary does not reestablish a security entitlement, the securities intermediary is liable to the entitlement holder for damages. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8508 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-5 - Part 5 Security Entitlements (440.8501...440.8511)|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.

440.8508 Changing security entitlement into another form of holding; transferring financial asset to securities account of entitlement holder; duties of securities intermediary; conditions. Sec. 8508.  A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred to a securities account of the entitlement holder with another securities intermediary. The duty is satisfied if a securities intermediary does either of the following:   (a) Acts as agreed upon by the entitlement holder and the securities intermediary.  (b) In the absence of agreement, exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8509 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-5 - Part 5 Security Entitlements (440.8501...440.8511)|Section 440.8509 - Performance of Duties by Securities Intermediary.

440.8509 Performance of duties by securities intermediary.  Sec. 8509.  (1) If the substance of a duty imposed upon a securities intermediary by sections 8504 through 8508 is the subject of other statute, regulation, or rule, compliance with the statute, regulation, or rule satisfies the duty.  (2) To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute, regulation, or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner.  (3) The obligation of a securities intermediary to perform the duties imposed by sections 8504 through 8508 is subject to both of the following:  (a) Rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise.  (b) Rights of the securities intermediary under other law, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.  (4) Sections 8504 through 8508 do not require a securities intermediary to take any action that is prohibited by other statute, regulation, or rule.  History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8510 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-5 - Part 5 Security Entitlements (440.8501...440.8511)|Section 440.8510 - Assertion of Action Based on Adverse Claim; Prohibition; Conditions; Priority.

440.8510 Assertion of action based on adverse claim; prohibition; conditions; priority. Sec. 8510.  (1) In a case not covered by the priority rules in article 9 or the rules stated in subsection (3), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who purchases a security entitlement, or an interest in a security entitlement, from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim, and obtains control.  (2) If an adverse claim could not have been asserted against an entitlement holder under section 8502, the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest in a security entitlement, from the entitlement holder.  (3) In a case not covered by the priority rules in article 9, a purchaser for value of a security entitlement, or an interest in a security entitlement, who obtains control has priority over a purchaser of a security entitlement, or an interest in a security entitlement, who does not obtain control. Except as otherwise provided in subsection (4), purchasers who have control rank according to priority in time of 1 of the following:  (a) The purchaser's becoming the person for whom the securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under section 8106(4)(a).  (b) The securities intermediary's agreement to comply with the purchaser's entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under section 8106(4)(b).  (c) If the purchaser obtained control through another person under section 8106(4)(c), the time on which priority would be based under this subsection if the other person were the secured party.  (4) A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.8511 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-5 - Part 5 Security Entitlements (440.8501...440.8511)|Section 440.8511 - Priority of Claims.

440.8511 Priority of claims. Sec. 8511.  (1) Except as otherwise provided in subsections (2) and (3), if a securities intermediary does not have sufficient interest in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor.  (2) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset.  (3) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8601 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|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.

440.8601 Action or proceeding commenced before act takes effect; security interest perfected at date act takes effect. Sec. 8601.  (1) This amendatory act does not affect an action or proceeding commenced before this amendatory act that added this section takes effect.   (2) If a security interest in a security is perfected at the date this amendatory act that added this section takes effect, and the action by which the security interest was perfected would suffice to perfect a security interest under this amendatory act no further action is required to continue perfection. If a security interest in a security is perfected at the date this amendatory act that added this section takes effect but the action by which the security interest was perfected would not suffice to perfect a security interest under this amendatory act, the security interest remains perfected for a period of 4 months after the effective date and continues perfected thereafter if appropriate action to perfect under this act is taken within that period. If a security interest is perfected at the date this amendatory act that added this section takes effect and the security interest can be perfected by filing under this act, a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect.  History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.9401 (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)|174-1962-9-4 - Part 4 Rights of Third Parties (440.9401...440.9410)|Section 440.9401 - Alienability of Debtor's Rights.

440.9401 Alienability of debtor's rights. Sec. 9401.  (1) Except as otherwise provided in subsection (2) and sections 9406, 9407, 9408, and 9409, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article.  (2) An agreement between the debtor and secured party that prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1964, Act 250, Eff. Aug. 28, 1964 ;-- Am. 1976, Act 27, Imd. Eff. Mar. 4, 1976 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1980, Act 53, Imd. Eff. Mar. 27, 1980 ;-- Am. 1990, Act 288, Imd. Eff. Dec. 14, 1990 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9402 (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)|174-1962-9-4 - Part 4 Rights of Third Parties (440.9401...440.9410)|Section 440.9402 - Secured Party Not Obligated on Contract of Debtor or in Tort.

440.9402 Secured party not obligated on contract of debtor or in tort. Sec. 9402.  The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1980, Act 53, Imd. Eff. Mar. 27, 1980 ;-- Am. 1988, Act 130, Eff. Sept. 1, 1988 ;-- Am. 1989, Act 216, Imd. Eff. Nov. 27, 1989 ;-- Am. 1998, Act 489, Imd. Eff. Jan. 4, 1999 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9403 (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)|174-1962-9-4 - Part 4 Rights of Third Parties (440.9401...440.9410)|Section 440.9403 - Agreement Not to Assert Defenses Against Assignee.

440.9403 Agreement not to assert defenses against assignee. Sec. 9403.  (1) As used in this section, "value" has the meaning provided in section 3303(1).  (2) Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the account debtor may have against the assignor is enforceable by an assignee that takes an assignment for value, in good faith, without notice of a claim of a property or possessory right to the property assigned, and without notice of a defense or claim in recoupment of the type that may be asserted against a person entitled to enforce a negotiable instrument under section 3305(1).  (3) Subsection (2) does not apply to defenses of a type that may be asserted against a holder in due course of a negotiable instrument under section 3305(2).  (4) In a consumer transaction, if a record evidences the account debtor's obligation, law other than this article requires that the record include a statement to the effect that the rights of an assignee are subject to claims or defenses that the account debtor could assert against the original obligee, and the record does not include such a statement, all of the following apply:  (a) The record has the same effect as if the record included such a statement.  (b) The account debtor may assert against an assignee those claims and defenses that would have been available if the record included such a statement.  (5) This section is subject to law other than this article that establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.  (6) Except as otherwise provided in subsection (4), this section does not displace law other than this article that gives effect to an agreement by an account debtor not to assert a claim or defense against an assignee. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1964, Act 250, Eff. Aug. 28, 1964 ;-- Am. 1969, Act 74, Imd. Eff. July 21, 1969 ;-- Am. 1976, Act 27, Imd. Eff. Mar. 4, 1976 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1980, Act 53, Imd. Eff. Mar. 27, 1980 ;-- Am. 1988, Act 130, Eff. Sept. 1, 1988 ;-- Am. 1992, Act 186, Imd. Eff. Oct. 5, 1992 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9404 (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)|174-1962-9-4 - Part 4 Rights of Third Parties (440.9401...440.9410)|Section 440.9404 - Rights Acquired by Assignee; Claims and Defenses Against Assignee.

440.9404 Rights acquired by assignee; claims and defenses against assignee. Sec. 9404.  (1) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (2) through (5), the rights of an assignee are subject to all of the following:  (a) All terms of the agreement between the account debtor and assignor and any defense or claim in recoupment arising from the transaction that gave rise to the contract.  (b) Any other defense or claim of the account debtor against the assignor that accrues before the account debtor receives a notification of the assignment authenticated by the assignor or the assignee.  (2) Subject to subsection (3) and except as otherwise provided in subsection (4), the claim of an account debtor against an assignor may be asserted against an assignee under subsection (1) only to reduce the amount the account debtor owes.  (3) This section is subject to law other than this article that establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.  (4) In a consumer transaction, if a record evidences the account debtor's obligation, law other than this article requires that the record include a statement to the effect that the account debtor's recovery against an assignee with respect to claims and defenses against the assignor may not exceed amounts paid by the account debtor under the record, and the record does not include such a statement, the extent to which a claim of an account debtor against the assignor may be asserted against an assignee is determined as if the record included such a statement.  (5) This section does not apply to an assignment of a health-care-insurance receivable. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1976, Act 27, Imd. Eff. Mar. 4, 1976 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1988, Act 130, Eff. Sept. 1, 1988 ;-- Am. 1992, Act 186, Imd. Eff. Oct. 5, 1992 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9405 (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)|174-1962-9-4 - Part 4 Rights of Third Parties (440.9401...440.9410)|Section 440.9405 - Modification of Assigned Contract.

440.9405 Modification of assigned contract. Sec. 9405.  (1) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection is subject to subsections (2) through (4).  (2) Subsection (1) applies to the extent that the right to payment or a part thereof under an assigned contract has not been fully earned by performance, or to the extent that the right to payment or a part thereof has been fully earned by performance and the account debtor has not received notification of the assignment under section 9406(1).  (3) This section is subject to law other than this article that establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.  (4) This section does not apply to an assignment of a health-care-insurance receivable. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1976, Act 27, Imd. Eff. Mar. 4, 1976 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1980, Act 53, Imd. Eff. Mar. 27, 1980 ;-- Am. 1988, Act 130, Eff. Sept. 1, 1988 ;-- Am. 2000, Act 348, Eff. July 1, 2001