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) › 174-1962-9-5 - 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 440.9518 - Information Statement Concerning Inaccurate or Wrongfully Filed Record.

440.9518 Information statement concerning inaccurate or wrongfully filed record.
Sec. 9518.
(1) A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed.
(2) An information statement under subsection (1) must do all of the following:
(a) Identify the record to which it relates by both of the following:
(i) The file number assigned to the initial financing statement to which the record relates.
(ii) If the information statement relates to a record filed or recorded in a filing office described in section 9501(1)(a), the date that the initial financing statement was filed or recorded and the information specified in section 9502(2).
(b) Indicate that it is an information statement.
(c) Provide the basis for the person's belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person's belief that the record was wrongfully filed.
(3) A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under section 9509(4).
(4) An information statement under subsection (3) must do all of the following:
(a) Identify the record to which it relates by both of the following:
(i) The file number assigned to the initial financing statement to which the record relates.
(ii) If the information statement relates to a record filed or recorded in a filing office described in section 9501(1)(a), the date and time that the initial financing statement was filed or recorded and the information specified in section 9502(2).
(b) Indicate that it is an information statement.
(c) Provide the basis for the person's belief that the person that filed the record was not entitled to do so under section 9509(4).
(5) The filing of an information statement does not affect the effectiveness of an initial financing statement or other filed record.
History:
Add. 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) › 174-1962-9-5-2. - Subpart 2. Duties and Operation of Filing Office (440.9519...440.9527) › Section 440.9521 - Form and Format of Written Initial Financing Statement and Amendment.

440.9521 Form and format of written initial financing statement and amendment.
Sec. 9521.
(1) Except for a reason set forth in section 9516(2) or 9520(5), a filing office that accepts written records for filing shall not refuse to accept a written initial financing statement that conforms to the form and format of UCC financing statement (Form UCC1) or UCC financing statement addendum (Form UCC1Ad) as promulgated by the American Law Institute and the Uniform Law Commission and adopted by the secretary of state, or as approved by the International Association of Commercial Administrators and adopted by the secretary of state, or any other form adopted by the secretary of state.
(2) Except for a reason set forth in section 9516(2) or 9520(5), a filing office that accepts written records for filing shall not refuse to accept a written financing statement amendment that conforms to the form and format of the UCC financing statement amendment (Form UCC3) or the UCC financing statement amendment addendum (Form UCC3Ad) as promulgated by the American Law Institute and the Uniform Law Commission, or to the form and format of any other revision to or version of either of those forms that are promulgated by the American Law Institute and the Uniform Law Commission, or as approved by the International Association of Commercial Administrators, and adopted by the secretary of state.
History:
Add. 2000, Act 348, Eff. July 1, 2001 ;-- Am. 2008, Act 383, Eff. Mar. 29, 2009 ;-- Am. 2012, Act 88, Eff. July 1, 2013 ;-- Am. 2021, Act 115, Imd. Eff. Nov. 22, 2021
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) › 174-1962-9-5-2. - Subpart 2. Duties and Operation of Filing Office (440.9519...440.9527) › Section 440.9522 - Maintenance and Destruction of Records.

440.9522 Maintenance and destruction of records.
Sec. 9522.
(1) The filing office shall maintain a record of the information provided in a filed financing statement for at least 1 year after the effectiveness of the financing statement has lapsed under section 9515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and 1 of the following:
(a) If the record was filed or recorded in the filing office described in section 9501(1)(a), by using the file number assigned to the initial financing statement to which the record relates and the date that the record was filed or recorded.
(b) If record was filed in the filing office described in section 9501(1)(b), by using the file number assigned to the initial financing statement to which the record relates.
(2) Except to the extent that a statute governing disposition of public records provides otherwise, the filing office immediately may destroy any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement that complies with subsection (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) › 174-1962-9-5-2. - Subpart 2. Duties and Operation of Filing Office (440.9519...440.9527) › Section 440.9524 - Delay by Filing Office.

440.9524 Delay by filing office.
Sec. 9524.
Delay by the filing office beyond a time limit prescribed by this part is excused if both of the following apply:
(a) The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing office.
(b) The filing office exercises reasonable diligence under the circumstances.
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) › 174-1962-9-5-2. - Subpart 2. Duties and Operation of Filing Office (440.9519...440.9527) › Section 440.9525 - Fee for Filing and Indexing Record; Other Fees.

440.9525 Fee for filing and indexing record; other fees.
Sec. 9525.
(1) Except as otherwise provided in subsection (3) or (4), the fee for filing and indexing a record under this part is $15.00.
(2) A filing office shall charge a person a fee for responding to a request for a search of the records filed with a filing office concerning a debtor, including issuance of a certificate describing each presently effective record filed concerning the debtor if requested. The fee is $6.00, plus 1 or more of the following, if applicable:
(a) If the person requests expediting of the regular search process, an additional fee of $25.00.
(b) If the person requests copies of the presently effective records disclosed by the search, an additional fee of $2.00 per page.
(c) If the filing office is the secretary of state and the person requests that the secretary of state include an impression of the official seal of the secretary of state on the certificate, an additional fee of $6.00.
(3) This section does not require a fee with respect to a record of a mortgage that is effective as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut under section 9502(3). However, the recording fees that otherwise would be applicable to the record of the mortgage under section 2567 of the revised judicature act of 1961, 1961 PA 236, MCL 600.2567, apply.
(4) There is no fee for filing and indexing an information statement filed with the office of the secretary of state under section 9518, filed by an individual named as a debtor on a record indexed by the secretary of state.
History:
Add. 2000, Act 348, Eff. July 1, 2001 ;-- Am. 2004, Act 212, Eff. Jan. 1, 2005 ;-- Am. 2016, Act 229, Eff. Oct. 1, 2016 ;-- Am. 2021, Act 115, Imd. Eff. Nov. 22, 2021
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) › 174-1962-9-5-2. - Subpart 2. Duties and Operation of Filing Office (440.9519...440.9527) › Section 440.9526 - Filing-Office Rules.

440.9526 Filing-office rules.
Sec. 9526.
(1) The secretary of state shall adopt and publish rules to implement this article. The filing-office rules must be consistent with this article and adopted and published in accordance with the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.
(2) To keep the filing-office rules and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially this part, and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially this part, the secretary of state, so far as is consistent with the purposes, policies, and provisions of this article, in adopting, amending, and repealing filing-office rules, shall do all of the following:
(a) Consult with filing offices in other jurisdictions that enact substantially this part.
(b) Consult the most recent version of the model rules promulgated by the international association of corporate administrators or any successor organization.
(c) Take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially this part.
History:
Add. 2000, Act 348, Eff. July 1, 2001
Admin Rule:
R 440.101 et seq. of the Michigan Administrative Code.
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) › 174-1962-9-5-2. - Subpart 2. Duties and Operation of Filing Office (440.9519...440.9527) › Section 440.9527 - Repealed. 2008, Act 383, Eff. Mar. 29, 2009.

440.9527 Repealed. 2008, Act 383, Eff. Mar. 29, 2009.
Compiler's Notes:
The repealed section pertained to submission of report by secretary of state on the operation of the filing office.
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9601 - Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes.

440.9601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
Sec. 9601.
(1) After default, a secured party has the rights provided in this part and, except as otherwise provided in section 9602, those provided by agreement of the parties. A secured party may do 1 or more of the following:
(a) May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure.
(b) If the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(2) A secured party in possession of collateral or control of collateral under section 7106, 9104, 9105, 9106, or 9107 has the rights and duties provided in section 9207.
(3) The rights under subsections (1) and (2) are cumulative and may be exercised simultaneously.
(4) Except as otherwise provided in subsection (7) and section 9605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
(5) If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of the following:
(a) The date of perfection of the security interest or agricultural lien in the collateral.
(b) The date of filing a financing statement covering the collateral.
(c) Any date specified in a statute under which the agricultural lien was created.
(6) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this article.
(7) Except as otherwise provided in section 9607(3), this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9602 - Waiver and Variance of Rights and Duties.

440.9602 Waiver and variance of rights and duties.
Sec. 9602.
Except as otherwise provided in section 9624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:
(a) Section 9207(2)(d)(iii), which deals with use and operation of the collateral by the secured party.
(b) Section 9210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account.
(c) Section 9607(3), which deals with collection and enforcement of collateral.
(d) Sections 9608(1) and 9615(3) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition.
(e) Sections 9608(1) and 9615(4) to the extent that they require accounting for or payment of surplus proceeds of collateral.
(f) Section 9609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace.
(g) Sections 9610(2), 9611, 9613, and 9614, which deal with disposition of collateral.
(h) Section 9615(6), which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor.
(i) Section 9616, which deals with explanation of the calculation of a surplus or deficiency.
(j) Sections 9620, 9621, and 9622, which deal with acceptance of collateral in satisfaction of obligation.
(k) Section 9623, which deals with redemption of collateral.
(l) Section 9624, which deals with permissible waivers.
(m) Sections 9625 and 9626, which deal with the secured party's liability for failure to comply with this article.
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9603 - Agreement on Standards Concerning Rights and Duties.

440.9603 Agreement on standards concerning rights and duties.
Sec. 9603.
(1) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in section 9602 if the standards are not manifestly unreasonable.
(2) Subsection (1) does not apply to the duty under section 9609 to refrain from breaching the peace.
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9604 - Procedure if Security Agreement Covers Real Property or Fixtures.

440.9604 Procedure if security agreement covers real property or fixtures.
Sec. 9604.
(1) If a security agreement covers both personal and real property, a secured party may do either of the following:
(a) Proceed under this part as to the personal property without prejudicing any rights with respect to the real property.
(b) Proceed as to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply.
(2) Subject to subsection (3), if a security agreement covers goods that are or become fixtures, a secured party may do either of the following:
(a) Proceed under this part.
(b) Proceed in accordance with the rights with respect to real property, in which case the other provisions of this part do not apply.
(3) Subject to the other provisions of this part, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
(4) A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. 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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9605 - Unknown Debtor or Secondary Obligor.

440.9605 Unknown debtor or secondary obligor.
Sec. 9605.
A secured party does not owe a duty based on its status as secured party to either of the following:
(a) To a person that is a debtor or obligor, unless the secured party knows all of the following:
(i) That the person is a debtor or obligor.
(ii) The identity of the person.
(iii) How to communicate with the person.
(b) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows both of the following:
(i) That the person is a debtor.
(ii) The identity of the person.
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9606 - Time of Default for Agricultural Lien.

440.9606 Time of default for agricultural lien.
Sec. 9606.
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9607 - Collection and Enforcement by Secured Party.

440.9607 Collection and enforcement by secured party.
Sec. 9607.
(1) If so agreed, and in any event after default, a secured party may do 1 or more of the following:
(a) Notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party.
(b) Take any proceeds to which the secured party is entitled under section 9315.
(c) Enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral.
(d) If it holds a security interest in a deposit account perfected by control under section 9104(1)(a), apply the balance of the deposit account to the obligation secured by the deposit account.
(e) If it holds a security interest in a deposit account perfected by control under section 9104(1)(b) or (c), instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(2) If necessary to enable a secured party to exercise under subsection (1)(c) the right of a debtor to enforce a mortgage nonjudicially, the secured party may record both of the following in the office in which a record of the mortgage is recorded:
(a) A copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage.
(b) The secured party's sworn affidavit in recordable form stating both of the following:
(i) That a default has occurred with respect to the obligation secured by the mortgage.
(ii) That the secured party is entitled to enforce the mortgage nonjudicially.
(3) A secured party shall proceed in a commercially reasonable manner if the secured party meets both of the following:
(a) Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral.
(b) Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(4) A secured party may deduct from the collections made pursuant to subsection (3) reasonable expenses of collection and enforcement, including reasonable attorney fees and legal expenses incurred by the secured party.
(5) This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
History:
Add. 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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9608 - Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus.

440.9608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
Sec. 9608.
(1) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(a) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under section 9607 in the following order to:
(i) The reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney fees and legal expenses incurred by the secured party.
(ii) The satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made.
(iii) The satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(b) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under subdivision (a)(iii).
(c) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under section 9607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(d) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(2) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9609 - Secured Party's Right to Take Possession After Default.

440.9609 Secured party's right to take possession after default.
Sec. 9609.
(1) After default, a secured party may do 1 or more of the following:
(a) Take possession of the collateral.
(b) Without removal, render equipment unusable and dispose of collateral on a debtor's premises under section 9610.
(2) A secured party may proceed under subsection (1) either pursuant to judicial process, or without judicial process if it proceeds without breach of the peace.
(3) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party that is reasonably convenient to both parties.
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9610 - Disposition of Collateral After Default.

440.9610 Disposition of collateral after default.
Sec. 9610.
(1) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
(2) Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by 1 or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(3) A secured party may purchase collateral either at a public disposition, or at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(4) A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(5) A secured party may disclaim or modify warranties under subsection (4) either in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition, or by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(6) A record is sufficient to disclaim warranties under subsection (5) if it indicates "There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition" or uses words of similar import.
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9611 - Notification Before Disposition of Collateral.

440.9611 Notification before disposition of collateral.
Sec. 9611.
(1) As used in this section, "notification date" means the earlier of the date on which 1 of the following occurs:
(a) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition.
(b) The debtor and any secondary obligor waive the right to notification.
(2) Except as otherwise provided in subsection (4), a secured party that disposes of collateral under section 9610 shall send to the persons specified in subsection (3) a reasonable authenticated notification of disposition.
(3) To comply with subsection (2), the secured party shall send an authenticated notification of disposition to all of the following:
(a) The debtor.
(b) Any secondary obligor.
(c) If the collateral is other than consumer goods, all of the following, as applicable:
(i) Any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral.
(ii) Any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that identified the collateral, was indexed under the debtor's name as of that date, and was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date.
(iii) Any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in section 9311(1).
(4) Subsection (2) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
(5) A secured party complies with the requirement for notification prescribed by subsection (3)(c)(ii) if the secured party does both of the following:
(a) Not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (3)(c)(ii).
(b) Before the notification date, 1 of the following applies:
(i) The secured party did not receive a response to the request for information.
(ii) The secured party received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
History:
Add. 2000, Act 348, Eff. July 1, 2001
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9612 - Timeliness of Notification Before Disposition of Collateral.

440.9612 Timeliness of notification before disposition of collateral.
Sec. 9612.
(1) Except as otherwise provided in subsection (2), whether a notification is sent within a reasonable time is a question of fact.
(2) In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
History:
Add. 2000, Act 348, Eff. July 1, 2001
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9613 - Contents and Form of Notification Before Disposition of Collateral; Generally.

440.9613 Contents and form of notification before disposition of collateral; generally.
Sec. 9613.
Except in a consumer-goods transaction, the following rules apply:
(a) The contents of a notification of disposition are sufficient if the notification does all of the following:
(i) Describes the debtor and the secured party.
(ii) Describes the collateral that is the subject of the intended disposition.
(iii) States the method of intended disposition.
(iv) States that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting.
(v) States the time and place of a public disposition or the time after which any other disposition is to be made.
(b) Whether the contents of a notification that lacks any of the information specified in subdivision (a) are nevertheless sufficient is a question of fact.
(c) The contents of a notification providing substantially the information specified in subdivision (a) are sufficient, even if the notification includes information not specified by that paragraph or minor errors that are not seriously misleading.
(d) A particular phrasing of the notification is not required.
(e) The following form of notification and the form appearing in section 9614(c), when completed, each provides sufficient information:
NOTIFICATION OF DISPOSITION OF COLLATERAL
To:
[Name of debtor, obligor, or other person to which the notification is sent]
From:
[Name, address, and telephone number of secured party]
Name of Debtor(s):
[Include only if debtor(s) are not an addressee]
We will sell [or lease or license, as applicable] the [describe collateral] [to the highest qualified bidder] in public as follows:
Day and Date:
_____________________
Time:
_____________________
Place:
_____________________
[For a private disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] privately sometime after [day and date].
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of $_____________]. You may request an accounting by calling us at [telephone number].
[End of Form]
History:
Add. 2000, Act 348, Eff. July 1, 2001
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9617 - Rights of Transferee of Collateral.

440.9617 Rights of transferee of collateral.
Sec. 9617.
(1) A secured party's disposition of collateral after default does all of the following:
(a) Transfers to a transferee for value all of the debtor's rights in the collateral.
(b) Discharges the security interest under which the disposition is made.
(c) Discharges any subordinate security interest or other subordinate lien.
(2) A transferee that acts in good faith takes free of the rights and interests described in subsection (1), even if the secured party fails to comply with this article or the requirements of any judicial proceeding.
(3) If a transferee does not take free of the rights and interests described in subsection (1), the transferee takes the collateral subject to all of the following:
(a) The debtor's rights in the collateral.
(b) The security interest or agricultural lien under which the disposition is made.
(c) Any other security interest or other lien.
History:
Add. 2000, Act 348, Eff. July 1, 2001
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9618 - Rights and Duties of Certain Secondary Obligors.

440.9618 Rights and duties of certain secondary obligors.
Sec. 9618.
(1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after all of the following:
(a) The secondary obligor receives an assignment of a secured obligation from the secured party.
(b) The secondary obligor receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party.
(c) The secondary obligor is subrogated to the rights of a secured party with respect to collateral.
(2) An assignment, transfer, or subrogation described in subsection (1) results in both of the following:
(a) It is not a disposition of collateral under section 9610.
(b) It relieves the secured party of further duties under this article.
History:
Add. 2000, Act 348, Eff. July 1, 2001
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9619 - Transfer of Record or Legal Title.

440.9619 Transfer of record or legal title.
Sec. 9619.
(1) As used in this section, "transfer statement" means a record authenticated by a secured party stating all of the following:
(a) That the debtor has defaulted in connection with an obligation secured by specified collateral.
(b) That the secured party has exercised its postdefault remedies with respect to the collateral.
(c) That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral.
(d) The name and mailing address of the secured party, debtor, and transferee.
(2) A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall do all of the following:
(a) Accept the transfer statement.
(b) Promptly amend its records to reflect the transfer.
(c) If applicable, issue a new appropriate certificate of title in the name of the transferee.
(3) A transfer of the record or legal title to collateral to a secured party under subsection (2) or otherwise is not of itself a disposition of collateral under this article and does not of itself relieve the secured party of its duties under this article.
History:
Add. 2000, Act 348, Eff. July 1, 2001
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9621 - Notification of Proposal to Accept Collateral.

440.9621 Notification of proposal to accept collateral.
Sec. 9621.
(1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to all of the following:
(a) Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral.
(b) Any other secured party or lienholder that, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that met all of the following:
(i) Identified the collateral.
(ii) Was indexed under the debtor's name as of that date.
(iii) Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date.
(c) Any other secured party that, 10 days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in section 9311(1).
(2) A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (1).
History:
Add. 2000, Act 348, Eff. July 1, 2001
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9622 - Effect of Acceptance of Collateral.

440.9622 Effect of acceptance of collateral.
Sec. 9622.
(1) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures does all of the following:
(a) Discharges the obligation to the extent consented to by the debtor.
(b) Transfers to the secured party all of a debtor's rights in the collateral.
(c) Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien.
(d) Terminates any other subordinate interest.
(2) A subordinate interest is discharged or terminated under subsection (1), even if the secured party fails to comply with this article.
History:
Add. 2000, Act 348, Eff. July 1, 2001
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9623 - Right to Redeem Collateral.

440.9623 Right to redeem collateral.
Sec. 9623.
(1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(2) To redeem collateral, a person shall tender both of the following:
(a) Fulfillment of all obligations secured by the collateral.
(b) The reasonable expenses and attorney fees described in section 9615(1)(a).
(3) A redemption may occur at any time before a secured party has done 1 of the following:
(a) Has collected collateral under section 9607.
(b) Has disposed of collateral or entered into a contract for its disposition under section 9610.
(c) Has accepted collateral in full or partial satisfaction of the obligation it secures under section 9622.
History:
Add. 2000, Act 348, Eff. July 1, 2001
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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-1. - Subpart 1. Default and Enforcement of Security Interest (440.9601...440.9624) › Section 440.9624 - Waiver.

440.9624 Waiver.
Sec. 9624.
(1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 9611 only by an agreement to that effect entered into and authenticated after default.
(2) A debtor may waive the right to require disposition of collateral under section 9620(5) only by an agreement to that effect entered into and authenticated after default.
(3) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under section 9623 only by an agreement to that effect entered into and authenticated after default.
History:
Add. 2000, Act 348, Eff. July 1, 2001