reglab/housing_qa huggingface dataset:
MI Comp L § 440.9314 (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 440.9314 - Perfection by Control.

440.9314 Perfection by control.Sec. 9314.  (1) A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents may be perfected by control of the collateral under section 7106, 9104, 9105, 9106, or 9107.  (2) A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights, or electronic documents is perfected by control under section 7106, 9104, 9105, or 9107 when the secured party obtains control and remains perfected by control only while the secured party retains control.  (3) A security interest in investment property is perfected by control under section 9106 from the time the secured party obtains control and remains perfected by control until both of the following occur:  (a) The secured party does not have control.  (b) One of the following occurs:  (i) If the collateral is a certificated security, the debtor has or acquires possession of the security certificate.  (ii) If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner.  (iii) If the collateral is a security entitlement, the debtor is or becomes the entitlement holder. 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 § 440.9315 (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 440.9315 - Secured Party's Rights on Disposition of Collateral and in Proceeds.

440.9315 Secured party's rights on disposition of collateral and in proceeds. Sec. 9315.  (1) Except as otherwise provided in this article and in section 2403(2), both of the following apply:  (a) A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien.  (b) A security interest attaches to any identifiable proceeds of collateral.  (2) Proceeds that are commingled with other property are identifiable proceeds to 1 of the following extents:  (a) If the proceeds are goods, to the extent provided by section 9336.  (b) If the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this article with respect to commingled property of the type involved.  (3) A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.  (4) A perfected security interest in proceeds becomes unperfected on the twenty-first day after the security interest attaches to the proceeds unless 1 of the following is met:  (a) All of the following conditions are satisfied:  (i) A filed financing statement covers the original collateral.  (ii) The proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed.  (iii) The proceeds are not acquired with cash proceeds.  (b) The proceeds are identifiable cash proceeds.  (c) The security interest in the proceeds is perfected other than under subsection (3) when the security interest attaches to the proceeds or within 20 days thereafter.  (5) If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under subsection (4)(a) becomes unperfected at the later of when the effectiveness of the filed financing statement lapses under section 9515 or is terminated under section 9513, or the twenty-first day after the security interest attaches to the proceeds. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9317 (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 440.9317 - Interests That Take Priority Over or Take Free of Unperfected Security Interest or Agricultural Lien.

440.9317 Interests that take priority over or take free of unperfected security interest or agricultural lien.Sec. 9317.  (1) A security interest or agricultural lien is subordinate to the rights of 1 or more of the following:  (a) A person entitled to priority under section 9322.  (b) Except as otherwise provided in subsection (5), a person that becomes a lien creditor before the earlier of the following:  (i) The time the security interest or agricultural lien is perfected.  (ii) The time 1 of the conditions specified in section 9203(2)(c) is met and a financing statement covering the collateral is filed.  (2) Except as otherwise provided in subsection (5), a buyer, other than a secured party, of tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.  (3) Except as otherwise provided in subsection (5), a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.  (4) A licensee of a general intangible or a buyer, other than a secured party, of collateral other than tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected.  (5) Except as otherwise provided in sections 9320 and 9321, if a person files a financing statement with respect to a purchase-money security interest before or within 20 days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee, or lien creditor that arise between the time the security interest attaches and the time of filing. 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 § 440.9318 (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 440.9318 - No Interest Retained in Right to Payment That Is Sold; Rights and Title of Seller of Account or Chattel Paper With Respect to Creditors and Purchasers.

440.9318 No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers. Sec. 9318.  (1) A debtor that has sold an account, chattel paper, payment intangibles, or promissory note does not retain a legal or equitable interest in the collateral sold.  (2) For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold. 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 § 440.9319 (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 440.9319 - Rights and Title of Consignee With Respect to Creditors and Purchasers.

440.9319 Rights and title of consignee with respect to creditors and purchasers. Sec. 9319.  (1) Except as otherwise provided in subsection (2), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer.  (2) For purposes of determining the rights of a creditor of a consignee, law other than this article determines the rights and title of a consignee while goods are in the consignee's possession if, under this part, a perfected security interest held by the consignor would have priority over the rights of the creditor. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9321 (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 440.9321 - Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business.

440.9321 Licensee of general intangible and lessee of goods in ordinary course of business. Sec. 9321.  (1) As used in this section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. A person becomes a licensee in the ordinary course if the license to the person comports with the usual or customary practices in the kind of business in which the licensor is engaged or with the licensor's own usual or customary practices.  (2) A licensee in ordinary course of business takes its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence.  (3) A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9323 (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 440.9323 - Future Advances.

440.9323 Future advances. Sec. 9323.  (1) Except as otherwise provided in subsection (3), for purposes of determining the priority of a perfected security interest under section 9322(1)(a), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that meets both of the following:  (a) Is made while the security interest is perfected only under 1 of the following:  (i) Under section 9309 when it attaches.  (ii) Temporarily under section 9312(5), (6), or (7).  (b) Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under section 9309 or 9312(5), (6), or (7).  (2) Except as otherwise provided in subsection (3), a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than 45 days after the person becomes a lien creditor unless the advance is made without knowledge of the lien, or pursuant to a commitment entered into without knowledge of the lien.  (3) Subsections (1) and (2) do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor.  (4) Except as otherwise provided in subsection (5), a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of the following:  (a) The time the secured party acquires knowledge of the buyer's purchase.  (b) Forty-five days after the purchase.  (5) Subsection (4) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the 45-day period.  (6) Except as otherwise provided in subsection (7), a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of the following:  (a) The time the secured party acquires knowledge of the lease.  (b) Forty-five days after the lease contract becomes enforceable.  (7) Subsection (6) does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the 45-day period. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9325 (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 440.9325 - Priority of Security Interests in Transferred Collateral.

440.9325 Priority of security interests in transferred collateral. Sec. 9325.  (1) Except as otherwise provided in subsection (2), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if all of the following are met:  (a) The debtor acquired the collateral subject to the security interest created by the other person.  (b) The security interest created by the other person was perfected when the debtor acquired the collateral.  (c) There is no period thereafter when the security interest is unperfected.  (2) Subsection (1) subordinates a security interest only if the security interest otherwise would have priority solely under section 9322(1) or 9324, or arose solely under section 2711(3) or 2A508(5). History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9326 (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 440.9326 - Priority of Security Interests Created by New Debtor.

440.9326 Priority of security interests created by new debtor.Sec. 9326.  (1) Subject to subsection (2), a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement that would be ineffective to perfect the security interest but for the application of section 9316(9)(a) or 9508 is subordinate to a security interest in the same collateral that is perfected other than by such a filed financing statement.   (2) The other provisions of this part determine the priority among conflicting security interests in the same collateral perfected by filed financing statements described in subsection (1). However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor's having become bound. History: Add. 2000, Act 348, Eff. July 1, 2001 ;-- Am. 2012, Act 88, Eff. July 1, 2013
MI Comp L § 440.9327 (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 440.9327 - Priority of Security Interests in Deposit Account.

440.9327 Priority of security interests in deposit account. Sec. 9327.  The following rules govern priority among conflicting security interests in the same deposit account:  (a) A security interest held by a secured party having control of the deposit account under section 9104 has priority over a conflicting security interest held by a secured party that does not have control.  (b) Except as otherwise provided in subdivisions (c) and (d), security interests perfected by control under section 9314 rank according to priority in time of obtaining control.  (c) Except as otherwise provided in subdivision (d), a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party.  (d) A security interest perfected by control under section 9104(1)(c) has priority over a security interest held by the bank with which the deposit account is maintained. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9328 (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 440.9328 - Priority of Security Interests in Investment Property.

440.9328 Priority of security interests in investment property. Sec. 9328.  The following rules govern priority among conflicting security interests in the same investment property:  (a) A security interest held by a secured party having control of investment property under section 9106 has priority over a security interest held by a secured party that does not have control of the investment property.  (b) Except as otherwise provided in subdivisions (c) and (d), conflicting security interests held by secured parties each of which has control under section 9106 rank according to priority in time of 1 of the following:  (i) If the collateral is a security, obtaining control.  (ii) If the collateral is a security entitlement carried in a securities account, according to 1 of the following:  (A) If the secured party obtained control under section 8106(4)(a), the secured party's becoming the person for which the securities account is maintained.  (B) If the secured party obtained control under section 8106(4)(b), the securities intermediary's agreement to comply with the secured party's entitlement orders with respect to security entitlements carried or to be carried in the securities account.  (C) If the secured party obtained control through another person under section 8106(4)(c), the time on which priority would be based under this paragraph if the other person were the secured party.  (iii) If the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in section 9106(2)(b) with respect to commodity contracts carried or to be carried with the commodity intermediary.  (c) A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party.  (d) A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party.  (e) A security interest in a certificated security in registered form that is perfected by taking delivery under section 9313(1) and not by control under section 9314 has priority over a conflicting security interest perfected by a method other than control.  (f) Conflicting security interests created by a broker, securities intermediary, or commodity intermediary that are perfected without control under section 9106 rank equally.  (g) In all other cases, priority among conflicting security interests in investment property is governed by sections 9322 and 9323. History: Add. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.9329 (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 440.9329 - Priority of Security Interests in Letter-of-Credit Right.

440.9329 Priority of security interests in letter-of-credit right. Sec. 9329.  The following rules govern priority among conflicting security interests in the same letter-of-credit right:  (a) A security interest held by a secured party having control of the letter-of-credit right under section 9107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.  (b) Security interests perfected by control under section 9314 rank according to priority in time of obtaining control. History: Add. 2000, Act 348, Eff. July 1, 2001