reglab/statecodes huggingface dataset:
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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 440.9407 - Restrictions on Creation or Enforcement of Security Interest in Leasehold Interest or in Lessor's Residual Interest.

440.9407 Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest.
Sec. 9407.
(1) Except as otherwise provided in subsection (2), a term in a lease agreement is ineffective to the extent that it does 1 or more of the following:
(a) Prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor's residual interest in the goods.
(b) Provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease.
(2) Except as otherwise provided in section 2A303(7), a term described in subsection (1)(b) is effective to the extent that there is 1 or more of the following:
(a) A transfer by the lessee of the lessee's right of possession or use of the goods in violation of the term.
(b) A delegation of a material performance of either party to the lease contract in violation of the term.
(3) The creation, attachment, perfection, or enforcement of a security interest in the lessor's interest under the lease contract or the lessor's residual interest in the goods is not a transfer that materially impairs the lessee's prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of section 2A303(4) unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the lessor.
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. 2000, Act 348, Eff. July 1, 2001
2023 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 440.9408a - Repealed. 2000, Act 348, Eff. July 1, 2001.

440.9408a Repealed. 2000, Act 348, Eff. July 1, 2001.
Compiler's Notes:
The repealed section pertained to financing statement of consignor or lessor of goods.
2023 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 440.9409 - Restrictions on Assignment of Letter-of-Credit Rights Ineffective.

440.9409 Restrictions on assignment of letter-of-credit rights ineffective.
Sec. 9409.
(1) A term in a letter of credit or a rule of law, statute, regulation, custom, or practice applicable to the letter of credit that prohibits, restricts, or requires the consent of an applicant, issuer, or nominated person to a beneficiary's assignment of or creation of a security interest in a letter-of-credit right is ineffective to the extent that the term or rule of law, statute, regulation, custom, or practice does 1 or more of the following:
(a) Would impair the creation, attachment, or perfection of a security interest in the letter-of-credit right.
(b) Provides that the assignment or the creation, attachment, or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the letter-of-credit right.
(2) To the extent that a term in a letter of credit is ineffective under subsection (1) but would be effective under law other than this article or a custom or practice applicable to the letter of credit, to the transfer of a right to draw or otherwise demand performance under the letter of credit, or to the assignment of a right to proceeds of the letter of credit, the creation, attachment, or perfection of a security interest in the letter-of-credit right, the term is not enforceable against the applicant, issuer, nominated person, or transferee beneficiary, imposes no duties or obligations on the applicant, issuer, nominated person, or transferee beneficiary, and does not require the applicant, issuer, nominated person, or transferee beneficiary to recognize the security interest, pay or render performance to the secured party, or accept payment or other performance from the secured party.
History:
Add. 1976, Act 27, Imd. Eff. Mar. 4, 1976 ;-- Am. 2000, Act 348, Eff. July 1, 2001
2023 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 440.9410 - Repealed. 2000, Act 348, Eff. July 1, 2001.

440.9410 Repealed. 2000, Act 348, Eff. July 1, 2001.
Compiler's Notes:
The repealed section pertained to establishment of subscription service.
2023 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
2023 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
2023 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
2023 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
2023 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 440.9507 - Effect of Certain Events on Effectiveness of Financing Statement.

440.9507 Effect of certain events on effectiveness of financing statement.
Sec. 9507.
(1) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.
(2) Except as otherwise provided in subsection (3) and section 9508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under section 9506.
(3) If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under section 9503(1) so that the financing statement becomes seriously misleading under section 9506, both of the following apply:
(a) The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within 4 months after, the filed financing statement becomes seriously misleading.
(b) The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than 4 months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement that renders the financing statement not seriously misleading is filed within 4 months after the financing statement became seriously misleading.
History:
1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2000, Act 348, Eff. July 1, 2001 ;-- Am. 2012, Act 88, Eff. July 1, 2013
2023 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 440.9508 - Effectiveness of Financing Statement if New Debtor Becomes Bound by Security Agreement.

440.9508 Effectiveness of financing statement if new debtor becomes bound by security agreement.
Sec. 9508.
(1) Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral.
(2) If the difference between the name of the original debtor and that of the new debtor causes a filed financing statement that is effective under subsection (1) to be seriously misleading under section 9506, both of the following apply:
(a) The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within 4 months after, the new debtor becomes bound under section 9203(4).
(b) The financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than 4 months after the new debtor becomes bound under section 9203(4) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
(3) This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under section 9507(1).
History:
Add. 2000, Act 348, Eff. July 1, 2001
2023 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 440.9509 - Persons Entitled to File a Record.

440.9509 Persons entitled to file a record.
Sec. 9509.
(1) A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if 1 of the following occurs:
(a) The debtor authorizes the filing in an authenticated record or pursuant to subsection (2) or (3).
(b) The person holds an agricultural lien that has become effective at time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.
(2) By authenticating or becoming bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering both of the following:
(a) The collateral described in the security agreement.
(b) Property that becomes collateral under section 9315(1)(b), whether or not the security agreement expressly covers proceeds.
(3) By acquiring collateral in which a security interest or agricultural lien continues under section 9315(1)(a), a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under section 9315(1)(b).
(4) A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if 1 of the following applies:
(a) The secured party of record authorizes the filing.
(b) The amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by section 9513(1) or (3), the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.
(5) If there is more than 1 secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (4).
History:
Add. 2000, Act 348, Eff. July 1, 2001
2023 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 440.9510 - Effectiveness of Filing Record.

440.9510 Effectiveness of filing record.
Sec. 9510.
(1) A filed record is effective only to the extent that it was filed by a person that may file it under section 9509.
(2) A record authorized by 1 secured party of record does not affect the financing statement with respect to another secured party of record.
(3) A continuation statement that is not filed within the 6-month period prescribed by section 9515(4) is ineffective.
History:
Add. 2000, Act 348, Eff. July 1, 2001
2023 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 440.9511 - Secured Party of Record.

440.9511 Secured party of record.
Sec. 9511.
(1) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under section 9514(1), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.
(2) If an amendment of a financing statement that provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under section 9514(2), the assignee named in the amendment is a secured party of record.
(3) A person remains a secured party of record until the filing of an amendment of the financing statement that deletes the person.
History:
Add. 2000, Act 348, Eff. July 1, 2001
2023 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 440.9512 - Amendment of Financing Statement.

440.9512 Amendment of financing statement.
Sec. 9512.
(1) Subject to section 9509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (5), otherwise amend the information provided in, a financing statement by filing an amendment that does both of the following:
(a) Identifies, by its file number, and, if applicable, by liber and page, the initial financing statement to which the amendment relates.
(b) If the amendment relates to an initial financing statement filed or recorded in a filing office described in section 9501(1)(a), provides the date that the initial financing statement was filed or recorded and the information specified in section 9502(2).
(2) Except as otherwise provided in section 9515, the filing of an amendment does not extend the period of effectiveness of the financing statement.
(3) A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment.
(4) A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment.
(5) An amendment is ineffective to the extent 1 or more of the following apply to it:
(a) It purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement.
(b) It purports to delete all secured parties of record and fails to provide the name of a new secured party of record.
History:
Add. 2000, Act 348, Eff. July 1, 2001
2023 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 440.9513 - Termination Statement.

440.9513 Termination statement.
Sec. 9513.
(1) A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and 1 or more of the following apply:
(a) There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value.
(b) The debtor did not authorize the filing of the initial financing statement.
(2) To comply with subsection (1), a secured party shall cause the secured party of record to file the termination statement within 1 of the following periods:
(a) Within 1 month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value.
(b) If earlier, within 20 days after the secured party receives an authenticated demand from a debtor.
(3) In cases not governed by subsection (1), within 20 days after a secured party receives an authenticated demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination statement for the financing statement or file the termination statement in the filing office if 1 or more of the following apply:
(a) Except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value.
(b) The financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation.
(c) The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor's possession.
(d) The debtor did not authorize the filing of the initial financing statement.
(4) Except as otherwise provided in section 9510, upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in section 9510, for purposes of sections 9519(7), 9522(1), and 9523(3), the filing with the filing office of a termination statement relating to a financing statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the financing statement to lapse.
History:
Add. 2000, Act 348, Eff. July 1, 2001
2023 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 440.9514 - Assignment of Powers of Secured Party of Record.

440.9514 Assignment of powers of secured party of record.
Sec. 9514.
(1) Except as otherwise provided in subsection (3), an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement providing the name and mailing address of the assignee as the name and address of the secured party.
(2) Except as otherwise provided in subsection (3), a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement that does all of the following:
(a) Identifies, by its file number, the initial financing statement to which it relates.
(b) Provides the name of the assignor.
(c) Provides the name and mailing address of the assignee.
(3) An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under section 9502(3) may be made only by an assignment of record of the mortgage in the manner provided by law of this state other than this act.
History:
Add. 2000, Act 348, Eff. July 1, 2001
2023 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 440.9517 - Effect of Indexing Errors.

440.9517 Effect of indexing errors.
Sec. 9517.
The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.
History:
Add. 2000, Act 348, Eff. July 1, 2001