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) › 174-1962-9-6 - Part 6 Default (440.9601...440.9628) › 174-1962-9-6-2. - Subpart 2. Noncompliance With Article (440.9625...440.9628) › Section 440.9626 - Action in Which Deficiency or Surplus Is in Issue.

440.9626 Action in which deficiency or surplus is in issue.
Sec. 9626.
In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply:
(a) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.
(b) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part.
(c) Except as otherwise provided in section 9628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney fees exceeds the greater of 1 of the following:
(i) The proceeds of the collection, enforcement, disposition, or acceptance.
(ii) The amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.
(d) For purposes of subdivision (c)(ii), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney fees unless the secured party proves that the amount is less than that sum.
(e) If a deficiency or surplus is calculated under section 9615(6), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
History:
Add. 2000, Act 348, Eff. July 1, 2001 ;-- Am. 2014, Act 104, Imd. Eff. Apr. 10, 2014
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) › 174-1962-9-6-2. - Subpart 2. Noncompliance With Article (440.9625...440.9628) › Section 440.9627 - Determination of Whether Conduct Was Commercially Reasonable.

440.9627 Determination of whether conduct was commercially reasonable.
Sec. 9627.
(1) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(2) A disposition of collateral is made in a commercially reasonable manner if the disposition is made in the usual manner on any recognized market, at the price current in any recognized market at the time of the disposition, or otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(3) A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved in a judicial proceeding, by a bona fide creditors' committee, by a representative of creditors, or by an assignee for the benefit of creditors.
(4) Approval under subsection (3) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
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) › 174-1962-9-6-2. - Subpart 2. Noncompliance With Article (440.9625...440.9628) › Section 440.9628 - Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor.

440.9628 Nonliability and limitation on liability of secured party; liability of secondary obligor.
Sec. 9628.
(1) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person, both of the following apply:
(a) The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this article.
(b) The secured party's failure to comply with this article does not affect the liability of the person for a deficiency.
(2) A secured party is not liable because of 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.
(3) A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on 1 or more of the following:
(a) A debtor's representation concerning the purpose for which collateral was to be used, acquired, or held.
(b) An obligor's representation concerning the purpose for which a secured obligation was incurred.
(4) A secured party is not liable to any person under section 9625(3)(b) for its failure to comply with section 9616.
(5) A secured party is not liable under section 9625(3)(b) more than once with respect to any 1 secured obligation.
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) › 174-1962-9-7 - Part 7 Transition (440.9701...440.9709) › Section 440.9701 - “This Amendatory Act” Defined.

440.9701 “This amendatory act” defined.
Sec. 9701.
As used in this part, "this amendatory act" means the amendatory act that added this part.
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) › 174-1962-9-7 - Part 7 Transition (440.9701...440.9709) › Section 440.9702 - Savings Clause.

440.9702 Savings clause.
Sec. 9702.
(1) Except as otherwise provided in this part, this amendatory act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this amendatory act takes effect.
(2) Except as otherwise provided in subsection (3) and sections 9703 through 9709, both of the following apply:
(a) Transactions and liens that were not governed by this article before this amendatory act takes effect, were validly entered into or created before this amendatory act takes effect, and would be subject to this amendatory act if they had been entered into or created after this amendatory act takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this amendatory act takes effect.
(b) The transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this amendatory act or by the law that otherwise would apply if this amendatory act had not taken effect.
(3) This amendatory act does not affect an action, case, or proceeding commenced before this amendatory act takes effect.
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) › 174-1962-9-7 - Part 7 Transition (440.9701...440.9709) › Section 440.9703 - Security Interest Perfected Before Effective Date.

440.9703 Security interest perfected before effective date.
Sec. 9703.
(1) A security interest that is enforceable immediately before this amendatory act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this amendatory act if, when this amendatory act takes effect, the applicable requirements for enforceability and perfection under this amendatory act are satisfied without further action.
(2) Except as otherwise provided in section 9705, if, immediately before this amendatory act takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this amendatory act are not satisfied when this amendatory act takes effect, all of the following apply to the security interest:
(a) The security interest is a perfected security interest for 1 year after this amendatory act takes effect.
(b) The security interest remains enforceable thereafter only if the security interest becomes enforceable under section 9203 before the year expires.
(c) The security interest remains perfected thereafter only if the applicable requirements for perfection under this amendatory act are satisfied before the year expires.
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) › 174-1962-9-7 - Part 7 Transition (440.9701...440.9709) › Section 440.9704 - Security Interest Unperfected Before Effective Date.

440.9704 Security interest unperfected before effective date.
Sec. 9704.
All of the following apply to a security interest that is enforceable immediately before this amendatory act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(a) The security interest remains an enforceable security interest for 1 year after this amendatory act takes effect.
(b) The security interest remains enforceable thereafter if the security interest becomes enforceable under section 9203 when this amendatory act takes effect or within 1 year thereafter.
(c) The security interest becomes perfected under 1 of the following:
(i) Without further action, when this amendatory act takes effect if the applicable requirements for perfection under this amendatory act are satisfied before or at that time.
(ii) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
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) › 174-1962-9-7 - Part 7 Transition (440.9701...440.9709) › Section 440.9706 - When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement.

440.9706 When initial financing statement suffices to continue effectiveness of financing statement.
Sec. 9706.
(1) The filing of an initial financing statement in the office specified in section 9501 continues the effectiveness of a financing statement filed before this amendatory act takes effect if all of the following apply:
(a) The filing of an initial financing statement in that office would be effective to perfect a security interest under this amendatory act.
(b) The pre-effective-date financing statement was filed in an office in another state or another office in this state.
(c) The initial financing statement satisfies subsection (3).
(2) The filing of an initial financing statement under subsection (1) continues the effectiveness of the pre-effective-date financing statement if both of the following apply:
(a) If the initial financing statement is filed before this amendatory act takes effect, for the period provided in section 9403 before this amendatory act takes effect with respect to a financing statement.
(b) If the initial financing statement is filed after this amendatory act takes effect, for the period provided in section 9515 with respect to an initial financing statement.
(3) To be effective for purposes of subsection (1), an initial financing statement must do all of the following:
(a) Satisfy the requirements of part 5 for an initial financing statement.
(b) Identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement.
(c) Indicate that the pre-effective-date financing statement remains effective.
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) › 174-1962-9-7 - Part 7 Transition (440.9701...440.9709) › Section 440.9707 - Pre-Effective-Date Financing Statement.

440.9707 Pre-effective-date financing statement.
Sec. 9707.
(1) As used in this section, "pre-effective-date financing statement" means a financing statement filed before this amendatory act takes effect.
(2) After this amendatory act takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in part 3. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(3) Except as otherwise provided in subsection (4), if the law of this state governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this amendatory act takes effect only if 1 of the following is met:
(a) The pre-effective-date financing statement and an amendment are filed in the office specified in section 9501.
(b) An amendment is filed in the office specified in section 9501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies section 9706(3).
(c) An initial financing statement that provides the information as amended and satisfies section 9706(3) is filed in the office specified in section 9501.
(4) If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under section 9705(4) and (6) or 9706.
(5) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this state may be terminated after this amendatory act takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies section 9706(3) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in part 3 as the office in which to file a financing statement.
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) › 174-1962-9-7 - Part 7 Transition (440.9701...440.9709) › Section 440.9708 - Persons Entitled to File Initial Financing Statement or Continuation Statement.

440.9708 Persons entitled to file initial financing statement or continuation statement.
Sec. 9708.
A person may file an initial financing statement or a continuation statement under this part if both of the following apply:
(a) The secured party of record authorizes the filing.
(b) The filing is necessary under this part to do 1 of the following:
(i) To continue the effectiveness of a financing statement filed before this amendatory act takes effect.
(ii) To perfect or continue the perfection of a security interest.
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) › 174-1962-9-7 - Part 7 Transition (440.9701...440.9709) › Section 440.9709 - Priority.

440.9709 Priority.
Sec. 9709.
(1) This amendatory act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this amendatory act takes effect, this article as in effect before this amendatory act takes effect determines priority.
(2) For purposes of section 9322(1), the priority of a security interest that becomes enforceable under section 9203 of this amendatory act dates from the time this amendatory act takes effect if the security interest is perfected under this amendatory act by the filing of a financing statement before this amendatory act takes effect which would not have been effective to perfect the security interest under this article as in effect before this amendatory act takes effect. This subsection does not apply to conflicting security interests each of which is perfected by the filing of a financing statement described in this subsection.
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) › 174-1962-9-8 - Part 8 Transition Provisions for 2010 Amendments (440.9801...440.9809) › Section 440.9801 - Definitions.

440.9801 Definitions.
Sec. 9801.
As used in this part:
(a) "Pre-effective-date financing statement" means a financing statement filed before the effective date of this amendatory act.
(b) "This amendatory act" means the amendatory act that added this part.
(c) "This amended article" means this article as amended by this amendatory act.
History:
Add. 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) › 174-1962-9-8 - Part 8 Transition Provisions for 2010 Amendments (440.9801...440.9809) › Section 440.9802 - Applicability; Scope.

440.9802 Applicability; scope.
Sec. 9802.
(1) Except as otherwise provided in this part, this amendatory act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before the effective date of this amendatory act.
(2) This amendatory act does not affect an action, case, or proceeding commenced before the effective date of this amendatory act.
History:
Add. 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) › 174-1962-9-8 - Part 8 Transition Provisions for 2010 Amendments (440.9801...440.9809) › Section 440.9803 - Perfected Security Interest Before Effective Date of Amendatory Act.

440.9803 Perfected security interest before effective date of amendatory act.
Sec. 9803.
(1) A security interest that is a perfected security interest immediately before the effective date of this amendatory act is a perfected security interest under this amended article if, on the effective date of this amendatory act, the applicable requirements for attachment and perfection under this amended article are satisfied without further action.
(2) Except as otherwise provided in section 9805, if, immediately before the effective date of this amendatory act, a security interest is a perfected security interest, but the applicable requirements for perfection under this amended article are not satisfied on the effective date of this amendatory act, the security interest remains perfected thereafter only if the applicable requirements for perfection under this amended article are satisfied within 1 year after the effective date of this amendatory act.
History:
Add. 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) › 174-1962-9-8 - Part 8 Transition Provisions for 2010 Amendments (440.9801...440.9809) › Section 440.9804 - Unperfected Security Interest Before Effective Date of Amendatory Act.

440.9804 Unperfected security interest before effective date of amendatory act.
Sec. 9804.
A security interest that is an unperfected security interest immediately before the effective date of this amendatory act becomes a perfected security interest when either of the following occurs:
(a) Without further action, on the effective date of this amendatory act if the applicable requirements for perfection under this amended article are satisfied before or at that time.
(b) When the applicable requirements for perfection are satisfied if the requirements are satisfied after the effective date of this amendatory act.
History:
Add. 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) › 174-1962-9-8 - Part 8 Transition Provisions for 2010 Amendments (440.9801...440.9809) › Section 440.9806 - Continuation of Effectiveness of Pre-Effective-Date Financing Statement; Filing of Initial Financing Statement.

440.9806 Continuation of effectiveness of pre-effective-date financing statement; filing of initial financing statement.
Sec. 9806.
(1) The filing of an initial financing statement in the office specified in section 9501 continues the effectiveness of a pre-effective-date financing statement if all of the following are met:
(a) The filing of an initial financing statement in that office would be effective to perfect a security interest under this amended article.
(b) The pre-effective-date financing statement was filed in an office in another state.
(c) The initial financing statement satisfies subsection (3).
(2) The filing of an initial financing statement under subsection (1) continues the effectiveness of the pre-effective-date financing statement for 1 of the following periods:
(a) If the initial financing statement is filed before the effective date of this amendatory act, for the period provided in section 9515 as it existed before the effective date of this amendatory act with respect to an initial financing statement.
(b) If the initial financing statement is filed after the effective date of this amendatory act, for the period provided in section 9515 as amended by this amendatory act with respect to an initial financing statement.
(3) To be effective for purposes of subsection (1), an initial financing statement must do all of the following:
(a) Satisfy the requirements of part 5 as amended by this amendatory act for an initial financing statement.
(b) Identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement.
(c) Indicate that the pre-effective-date financing statement remains effective.
History:
Add. 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) › 174-1962-9-8 - Part 8 Transition Provisions for 2010 Amendments (440.9801...440.9809) › Section 440.9807 - Amending Information in Pre-Effective-Date Financing Statement; Filing Termination Statement.

440.9807 Amending information in pre-effective-date financing statement; filing termination statement.
Sec. 9807.
(1) After the effective date of this amendatory act, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in this amended article. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(2) Except as otherwise provided in subsection (3), if the law of this state governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after the effective-date of this amendatory act only if 1 of the following is met:
(a) The pre-effective-date financing statement and an amendment are filed in the office specified in section 9501.
(b) An amendment is filed in the office specified in section 9501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies section 9806(3).
(c) An initial financing statement that provides the information as amended and satisfies section 9806(3) is filed in the office specified in section 9501.
(3) If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under section 9805(3) and (5) or 9806.
(4) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this state may be terminated after the effective date of this amendatory act by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies section 9806(3) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in this amended article as the office in which to file a financing statement.
History:
Add. 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) › 174-1962-9-8 - Part 8 Transition Provisions for 2010 Amendments (440.9801...440.9809) › Section 440.9808 - Filing Initial Financing Statement or Continuation Statement; Conditions.

440.9808 Filing initial financing statement or continuation statement; conditions.
Sec. 9808.
A person may file an initial financing statement or a continuation statement under this part if all of the following are met:
(a) The secured party of record authorizes the filing.
(b) The filing is necessary under this part to do any of the following:
(i) To continue the effectiveness of a financing statement filed before the effective date of this amendatory act.
(ii) To perfect or continue the perfection of a security interest.
History:
Add. 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) › 174-1962-9-8 - Part 8 Transition Provisions for 2010 Amendments (440.9801...440.9809) › Section 440.9809 - Priority of Conflicting Claims to Collateral; Establishment Before Effective Date of Amendatory Act.

440.9809 Priority of conflicting claims to collateral; establishment before effective date of amendatory act.
Sec. 9809.
This amendatory act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before the effective date of this amendatory act, this article as it existed before the effective date of this amendatory act determines priority.
History:
Add. 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-EFFECTIVE-DATE-AND-REPEALER - Part Effective Date and Repealer (440.9991...440.9994) › Section 440.9991 - Effective Date of Act; Application to Future Transactions.

440.9991 Effective date of act; application to future transactions.
Sec. 9991.
This act shall become effective on January 1, 1964. It applies to transactions entered into and events occurring after that date.
History:
1962, Act 174, Eff. Jan. 1, 1964
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-EFFECTIVE-DATE-AND-REPEALER - Part Effective Date and Repealer (440.9991...440.9994) › Section 440.9992 - Repeal.

440.9992 Repeal.
Sec. 9992.
The following acts and parts of acts, as amended, are hereby repealed:
(1) Revised Statutes of 1846.
Chapter
Section Numbers
Compiled Law Sections (1948)
81
7 to 16
566.137 to 566.146
(2) Public Acts.
Year of Act
Public Act Number
Section Numbers
Compiled Law Sections (1948)
1877
57
566.191
1881
117
566.201 and 566.202
1893
81
469.291 to 469.293
1895
220
2 to 6
444.2 to 444.6
1895
220
8
444.8
1895
220
11
444.11
1895
220
12
444.12
1895
220
14 to 22
444.14 to 444.22
1899
84
442.301 to 442.303
1901
236
468.321
1905
223
442.1 to 442.3
1905
265
439.1 to 439.191
1907
95
487.661
1909
303
1 to 49
443.1 to 443.49
1909
303
56 to 58
443.56 to 443.58
1911
165
1 to 43
482.1 to 482.43
1911
165
51 to 56
482.51 to 482.56
1913
100
440.1 to 440.78
1913
106
441.1 to 441.25
1915
64
442.101
1919
386
487.641
1919
378
487.671
1925
348
487.681 and 487.682
1925
390
487.621
1929
200
442.51 to 442.53
1931
327
26
450.26
1931
240
487.601 to 487.617
1933
154
442.151
1937
341
48
487.48
1937
341
154
487.154
1937
341
213
487.213
1939
290
566.401 to 566.412
1939
305
3 to 14
566.303 to 566.314
1943
187
566.501
1947
180
570.501 to 570.512
1950 (Ex. Sess.)
27
23 to 27
492.123 to 492.127
1952
19
555.401 to 555.419
1961
236
2150
600.2150
1961
236
5401 to 5445
600.5401 to 600.5445
History:
1962, Act 174, Eff. Jan. 1, 1964
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-EFFECTIVE-DATE-AND-REPEALER - Part Effective Date and Repealer (440.9991...440.9994) › Section 440.9993 - Saving Clause.

440.9993 Saving clause.
Sec. 9993.
Transactions validly entered into before the effective date specified in section 9991 and the rights, duties and interests flowing from them remain valid thereafter and may be terminated, completed, consummated or enforced as required or permitted by any statute or other law amended or repealed by this act as though such repeal or amendment had not occurred.
History:
1962, Act 174, Eff. Jan. 1, 1964
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-EFFECTIVE-DATE-AND-REPEALER - Part Effective Date and Repealer (440.9991...440.9994) › Section 440.9994 - Effect of Article 7.

440.9994 Effect of Article 7.
Sec. 9994.
The article on documents of title (article 7) does not repeal or modify any laws prescribing the form or contents of documents of title or the services or facilities to be afforded by bailees, or otherwise regulating bailees' businesses in respects not specifically dealt with herein. The fact that such laws are violated does not affect the status of a document of title which otherwise complies with the definition of a document of title (section 1201).
History:
1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1964, Act 250, Eff. Aug. 28, 1964 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
2023 Michigan Compiled Laws › Chapter 440 - Uniform Commercial Code › Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102) › Article 11 - Effective Date and Provisions for Transition to Amendatory Act (440.11101...440.11102) › Section 440.11101 - Repealed. 2012, Act 88, Eff. July 1, 2013.

440.11101 Repealed. 2012, Act 88, Eff. July 1, 2013.
Compiler's Notes:
The repealed section pertained to effective date.
2023 Michigan Compiled Laws › Chapter 440 - Uniform Commercial Code › Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102) › Article 11 - Effective Date and Provisions for Transition to Amendatory Act (440.11101...440.11102) › Section 440.11102 - Repealed. 2012, Act 88, Eff. July 1, 2013.

440.11102 Repealed. 2012, Act 88, Eff. July 1, 2013.
Compiler's Notes:
The repealed section pertained to continuation statement and transactions entered into before effective date of amendatory act.
2023 Michigan Compiled Laws › Chapter 441 - Fiduciary Security Transfers › Repealed - Act 106 of 1913 - Uniform Stock Transfer Act (441.1 - 441.25)

UNIFORM STOCK TRANSFER ACT
Act 106 of 1913
441.1-441.25 Repealed. 1962, Act 174, Eff. Jan. 1, 1964.
2023 Michigan Compiled Laws › Chapter 441 - Fiduciary Security Transfers › Act 239 of 1959 - Uniform Act for the Simplification of Fiduciary Security Transfers (441.101 - 441.112) › Section 441.101 - Uniform Fiduciary Security Transfer Simplification Act; Definitions.

441.101 Uniform fiduciary security transfer simplification act; definitions.
Sec. 1.
In this act, unless the context otherwise requires:
(a) “Assignment” means any written stock power, bond power, bill of sale, deed, declaration of trust or other instrument of transfer.
(b) “Claim of beneficial interest” means a claim of any interest by a decedent's legatee, distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee, or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his behalf, and includes a claim that the transfer would be in breach of fiduciary duties.
(c) “Corporation” means a private or public corporation, association or trust issuing a security.
(d) “Fiduciary” means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian or nominee.
(e) “Person” includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, 2 or more persons having a joint or common interest, or any other legal or commercial entity.
(f) “Security” includes any share of stock, bond, debenture, note or other security issued by a corporation which is registered as to ownership on the books of the corporation.
(g) “Transfer” means a change on the books of a corporation in the registered ownership of a security.
(h) “Transfer agent” means a person employed or authorized by a corporation to transfer securities issued by the corporation.
History:
1959, Act 239, Eff. Mar. 19, 1960
2023 Michigan Compiled Laws › Chapter 441 - Fiduciary Security Transfers › Act 239 of 1959 - Uniform Act for the Simplification of Fiduciary Security Transfers (441.101 - 441.112) › Section 441.102 - Fiduciary Security Transfers; Registration.

441.102 Fiduciary security transfers; registration.
Sec. 2.
A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent or correct description of the fiduciary relationship; and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.
History:
1959, Act 239, Eff. Mar. 19, 1960
2023 Michigan Compiled Laws › Chapter 441 - Fiduciary Security Transfers › Act 239 of 1959 - Uniform Act for the Simplification of Fiduciary Security Transfers (441.101 - 441.112) › Section 441.103 - Fiduciary Security Transfers; Assignment by Fiduciary.

441.103 Fiduciary security transfers; assignment by fiduciary.
Sec. 3.
Except as otherwise provided in this act, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary:
(a) May assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his authority and capacity and is not in breach of his fiduciary duties;
(b) May assume without inquiry that the fiduciary has complied with any controlling instrument and with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer; and
(c) Is not charged with notice of and is not bound to obtain or examine any court record or any recorded or unrecorded document relating to the fiduciary relationship or the assignment, even though the record or document is in its possession.
History:
1959, Act 239, Eff. Mar. 19, 1960
2023 Michigan Compiled Laws › Chapter 441 - Fiduciary Security Transfers › Act 239 of 1959 - Uniform Act for the Simplification of Fiduciary Security Transfers (441.101 - 441.112) › Section 441.104 - Fiduciary Security Transfers; Evidence of Appointment or Incumbency.

441.104 Fiduciary security transfers; evidence of appointment or incumbency.
Sec. 4.
A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency:
(a) In the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of that court or an officer thereof and dated within 60 days before the transfer; or
(b) In any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by the corporation or transfer agent to be responsible or, in the absence of such a document or certificate, other evidence reasonably deemed by the corporation or transfer agent to be appropriate. Corporations and transfer agents may adopt standards with respect to evidence of appointment or incumbency under this subsection provided such standards are not manifestly unreasonable. Neither the corporation nor transfer agent is charged with notice of the contents of any document obtained pursuant to this paragraph (b) except to the extent that the contents relate directly to the appointment or incumbency.
History:
1959, Act 239, Eff. Mar. 19, 1960
2023 Michigan Compiled Laws › Chapter 441 - Fiduciary Security Transfers › Act 239 of 1959 - Uniform Act for the Simplification of Fiduciary Security Transfers (441.101 - 441.112) › Section 441.105 - Fiduciary Security Transfers; Adverse Claims.

441.105 Fiduciary security transfers; adverse claims.
Sec. 5.
(a) A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written notice identifies the claimant, the registered owner, and the issue, of which the security is a part, provides an address for communications directed to the claimant and is received before the transfer. Nothing in this act relieves the corporation or transfer agent of any liability for making or refusing to make the transfer after it is so put on notice, unless it proceeds in the manner authorized in subsection (b).
(b) As soon as practicable after the presentation of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer agent which has received notice of a claim of beneficial interest adverse to the transfer may send notice of the presentation by registered or certified mail to the claimant at the address given by him. If the corporation or transfer agent so mails such a notice, it shall withhold the transfer for 30 days after the mailing and shall then make the transfer unless restrained by a court order.
History:
1959, Act 239, Eff. Mar. 19, 1960
2023 Michigan Compiled Laws › Chapter 441 - Fiduciary Security Transfers › Act 239 of 1959 - Uniform Act for the Simplification of Fiduciary Security Transfers (441.101 - 441.112) › Section 441.106 - Fiduciary Security Transfers; Corporation or Transfer Agent, Nonliability.

441.106 Fiduciary security transfers; corporation or transfer agent, nonliability.
Sec. 6.
A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by this act.
History:
1959, Act 239, Eff. Mar. 19, 1960
2023 Michigan Compiled Laws › Chapter 441 - Fiduciary Security Transfers › Act 239 of 1959 - Uniform Act for the Simplification of Fiduciary Security Transfers (441.101 - 441.112) › Section 441.107 - Fiduciary Security Transfers; Third Persons, Nonliability.

441.107 Fiduciary security transfers; third persons, nonliability.
Sec. 7.
(a) No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves a breach unless it is shown that he acted with actual knowledge that the proceeds of the transaction were being or were to be used wrongfully for the individual benefit of the fiduciary or that the transaction was otherwise in breach of duty.
(b) If a corporation or transfer agent makes a transfer pursuant to an assignment by a fiduciary, a person who guaranteed the signature of the fiduciary is not liable on the guarantee to any person to whom the corporation or transfer agent by reason of this act incurs no liability.
(c) This section does not impose any liability upon the corporation or its transfer agent.
History:
1959, Act 239, Eff. Mar. 19, 1960
2023 Michigan Compiled Laws › Chapter 441 - Fiduciary Security Transfers › Act 239 of 1959 - Uniform Act for the Simplification of Fiduciary Security Transfers (441.101 - 441.112) › Section 441.108 - Fiduciary Security Transfers; Territorial Application.

441.108 Fiduciary security transfers; territorial application.
Sec. 8.
(a) The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized.
(b) This act applies to the rights and duties of a person other than the corporation and its transfer agents with regard to acts and omissions in this state in connection with the acquisition, disposition, assignment or transfer of a security by or to a fiduciary and of a person who guarantees in this state the signature of a fiduciary in connection with such a transaction.
History:
1959, Act 239, Eff. Mar. 19, 1960
2023 Michigan Compiled Laws › Chapter 441 - Fiduciary Security Transfers › Act 239 of 1959 - Uniform Act for the Simplification of Fiduciary Security Transfers (441.101 - 441.112) › Section 441.109 - Fiduciary Security Transfers; Tax Obligations.

441.109 Fiduciary security transfers; tax obligations.
Sec. 9.
This act does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession or other taxes imposed by the laws of this state.
History:
1959, Act 239, Eff. Mar. 19, 1960
2023 Michigan Compiled Laws › Chapter 441 - Fiduciary Security Transfers › Act 239 of 1959 - Uniform Act for the Simplification of Fiduciary Security Transfers (441.101 - 441.112) › Section 441.110 - Construction of Act.

441.110 Construction of act.
Sec. 10.
This act shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.
History:
1959, Act 239, Eff. Mar. 19, 1960
2023 Michigan Compiled Laws › Chapter 441 - Fiduciary Security Transfers › Act 239 of 1959 - Uniform Act for the Simplification of Fiduciary Security Transfers (441.101 - 441.112) › Section 441.111 - Uniform Act for the Simplification of Fiduciary Security Transfers; Short Title.

441.111 Uniform act for the simplification of fiduciary security transfers; short title.
Sec. 11.
This act shall be known and may be cited as the “Uniform act for the simplification of fiduciary security transfers”.
History:
1959, Act 239, Eff. Mar. 19, 1960
2023 Michigan Compiled Laws › Chapter 441 - Fiduciary Security Transfers › Act 239 of 1959 - Uniform Act for the Simplification of Fiduciary Security Transfers (441.101 - 441.112) › Section 441.112 - Effective Date of Act.

441.112 Effective date of act.
Sec. 12.
This act shall take effect January 1, 1960.
History:
1959, Act 239, Eff. Mar. 19, 1960
2023 Michigan Compiled Laws › Chapter 442 - Sales › Repealed - Act 223 of 1905 - Bulk Sales, Transfers, and Assignments (442.1 - 442.3)

BULK SALES, TRANSFERS, AND ASSIGNMENTS
Act 223 of 1905
442.1-442.3 Repealed. 1962, Act 174, Eff. Jan. 1, 1964.
2023 Michigan Compiled Laws › Chapter 442 - Sales › Repealed - Act 64 of 1915 - Conditional Sale of Personal Property for Resale (442.101 - 442.101)

CONDITIONAL SALE OF PERSONAL PROPERTY FOR RESALE
Act 64 of 1915
442.101 Repealed. 1962, Act 174, Eff. Jan. 1, 1964.
2023 Michigan Compiled Laws › Chapter 442 - Sales › Repealed - Act 154 of 1933 - Equipment Installed in Mortgaged or Land Contract Property (442.151 - 442.151)

EQUIPMENT INSTALLED IN MORTGAGED OR LAND CONTRACT PROPERTY
Act 154 of 1933
442.151 Repealed. 1962, Act 174, Eff. Jan. 1, 1964.
2023 Michigan Compiled Laws › Chapter 442 - Sales › Act 39 of 1961 - Regulation of Certain Sales (442.211 - 442.226) › Section 442.211 - Conduct of Certain Sales; Definitions.

442.211 Conduct of certain sales; definitions.
Sec. 1.
As used in this act:
(a) “Going out of business sale” means any sale, whether described by such name or by any other name such as, but not limited to, “closing out sales”, “liquidation sales”, “lost our lease sale”, “forced to vacate sale”, held in such a manner as to indicate a belief that upon disposal of the stock of goods on hand, the business will cease and discontinue at the premises where the sale is conducted.
(b) “Goods” means all goods, wares, merchandise and other personal property, excepting, choses in action and money.
(c) “Person” includes a person, firm, corporation, partnership, association or 2 or more persons having a joint or common interest.
(d) “Removal sale” means any sale held in such a manner as to induce a belief that upon disposal of the stock of goods on hand, the business will cease and discontinue at the premises where the sale is conducted, and thereafter will be moved to and occupy another location.
History:
1961, Act 39, Eff. Sept. 8, 1961