Section 440.9104 – Control of Deposit Account.
440.9104 Control of deposit account. Sec. 9104. (1) A secured party has control of a deposit account if 1 or more of the following apply: (a) The secured party is the bank with which the deposit account is maintained. (b) The debtor, secured party, and bank have agreed in an authenticated record that the bank […]
Section 440.9105 – Control of Electronic Chattel Paper.
440.9105 Control of electronic chattel paper. Sec. 9105. (1) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. (2) A system satisfies subsection (1) if the […]
Section 440.9106 – Control of Investment Property.
440.9106 Control of investment property. Sec. 9106. (1) A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 8106. (2) A secured party has control of a commodity contract if either of the following is met: (a) The secured party is the commodity intermediary with which the commodity […]
Section 440.9107 – Control of Letter-of-Credit Right.
440.9107 Control of letter-of-credit right. Sec. 9107. A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under section 5114(3) or […]
Section 440.9108 – Sufficiency of Description.
440.9108 Sufficiency of description. Sec. 9108. (1) Except as otherwise provided in subsections (3), (4), and (5), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (2) Except as otherwise provided in subsection (4), a description of collateral reasonably identifies the collateral […]
Section 440.9101 – Uniform Commercial Code—secured Transactions; Short Title.
440.9101 Uniform commercial code—secured transactions; short title. Sec. 9101. This article shall be known and may be cited as “uniform commercial code—secured transactions”. History: 1962, Act 174, Eff. Jan. 1, 1964
Section 440.9102 – Definitions and Index of Definitions.
440.9102 Definitions and index of definitions. Sec. 9102. (1) As used in this article: (a) “Accession” means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (b) “Account”, except as used in “account for”, means a right to payment of a monetary […]
Section 440.9103 – Purchase-Money Security Interest; Application of Payments; Burden of Establishing.
440.9103 Purchase-money security interest; application of payments; burden of establishing. Sec. 9103. (1) As used in this section: (a) “Purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral. (b) “Purchase-money obligation” means an obligation of an obligor incurred as all or part of the price of the […]