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 […]
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 […]
Section 440.9705 – Effectiveness of Action Taken Before Effective Date.
440.9705 Effectiveness of action taken before effective date. Sec. 9705. (1) If action, other than the filing of a financing statement, is taken before this amendatory act takes effect and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security […]
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 […]
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, […]
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 […]
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 […]
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, […]
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