Section 440.9202 – Title to Collateral Immaterial.
440.9202 Title to collateral immaterial. Sec. 9202. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor. History: 1962, Act 174, Eff. […]
Section 440.9203 – Attachment and Enforcement of Security Interest; Proceeds; Supporting Obligations; Formal Requisites.
440.9203 Attachment and enforcement of security interest; proceeds; supporting obligations; formal requisites. Sec. 9203. (1) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. (2) Except as otherwise provided in subsections (3) through (9), a security interest […]
Section 440.9204 – After-Acquired Property; Future Advances.
440.9204 After-acquired property; future advances. Sec. 9204. (1) Except as otherwise provided in subsection (2), a security agreement may create or provide for a security interest in after-acquired collateral. (2) A security interest does not attach under a term constituting an after-acquired property clause to either of the following: (a) Consumer goods, other than an […]
Section 440.9205 – Use or Disposition of Collateral Permissible.
440.9205 Use or disposition of collateral permissible. Sec. 9205. (1) A security interest is not invalid or fraudulent against creditors solely because of either of the following: (a) The debtor has the right or ability to do 1 or more of the following: (i) Use, commingle, or dispose of all or part of the collateral, […]
Section 440.9206 – Security Interest Arising in Purchase or Delivery of Financial Asset.
440.9206 Security interest arising in purchase or delivery of financial asset. Sec. 9206. (1) A security interest in favor of a securities intermediary attaches to a person’s security entitlement if the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to […]
Section 440.9201 – General Effectiveness of Security Agreement.
440.9201 General effectiveness of security agreement. Sec. 9201. (1) Except as otherwise provided in this act, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (2) A transaction subject to this article is subject to any applicable rule of law that establishes a different […]