Section 440.9207 – Rights and Duties of Secured Party Having Possession or Control of Collateral.
440.9207 Rights and duties of secured party having possession or control of collateral. Sec. 9207. (1) Except as otherwise provided in subsection (4), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party’s possession. In the case of chattel paper or an instrument, reasonable care includes taking […]
Section 440.9208 – Additional Duties of Secured Party Having Control of Collateral.
440.9208 Additional duties of secured party having control of collateral. Sec. 9208. (1) This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. (2) Within 10 days after receiving an authenticated demand by the debtor, a […]
Section 440.9209 – Duties of Secured Party if Account Debtor Has Been Notified of Assignment.
440.9209 Duties of secured party if account debtor has been notified of assignment. Sec. 9209. (1) Except as otherwise provided in subsection (3), this section applies if there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. (2) Within 10 days after receiving […]
Section 440.9210 – Request for Accounting; Request Regarding List of Collateral or Statement of Account.
440.9210 Request for accounting; request regarding list of collateral or statement of account. Sec. 9210. (1) As used in this section: (a) “Request” means a record of a type described in subdivision (b), (c), or (d). (b) “Request for an accounting” means a record authenticated by a debtor requesting that the recipient provide an accounting […]