Section 440.9406 – Discharge of Account Debtor; Notification of Assignment; Identification and Proof of Assignment; Restrictions on Assignment of Accounts, Chattel Paper, Payment Intangibles, and Promissory Notes Ineffective.
440.9406 Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective. Sec. 9406. (1) Subject to subsections (2) through (9), an account debtor on an account, chattel paper, or a payment intangible may discharge its obligation by paying the assignor […]
Section 440.9407 – Restrictions on Creation or Enforcement of Security Interest in Leasehold Interest or in Lessor’s Residual Interest.
440.9407 Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest. Sec. 9407. (1) Except as otherwise provided in subsection (2), a term in a lease agreement is ineffective to the extent that it does 1 or more of the following: (a) Prohibits, restricts, or requires the consent of […]
Section 440.9334 – Priority of Security Interests in Fixtures and Crops.
440.9334 Priority of security interests in fixtures and crops. Sec. 9334. (1) A security interest under this article may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this article in ordinary building materials incorporated into an improvement on land. (2) This […]
Section 440.9335 – Accessions.
440.9335 Accessions. Sec. 9335. (1) A security interest may be created in an accession and continues in collateral that becomes an accession. (2) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. (3) Except as otherwise provided in subsection (4), the other provisions of […]
Section 440.9336 – Commingled Goods.
440.9336 Commingled goods. Sec. 9336. (1) As used in this section, “commingled goods” means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass. (2) A security interest does not exist in commingled goods as such. However, a security interest may attach to […]
Section 440.9337 – Priority of Security Interests in Goods Covered by Certificate of Title.
440.9337 Priority of security interests in goods covered by certificate of title. Sec. 9337. If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a […]
Section 440.9338 – Priority of Security Interests or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information.
440.9338 Priority of security interests or agricultural lien perfected by filed financing statement providing certain incorrect information. Sec. 9338. If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 9516(2)(e) that is incorrect at the time the financing statement is filed, all of the following apply: […]
Section 440.9339 – Priority Subject to Subordination.
440.9339 Priority subject to subordination. Sec. 9339. This article does not preclude subordination by agreement by a person entitled to priority. History: Add. 2000, Act 348, Eff. July 1, 2001
Section 440.9340 – Effectiveness of Right of Recoupment or Setoff Against Deposit Account.
440.9340 Effectiveness of right of recoupment or setoff against deposit account. Sec. 9340. (1) Except as otherwise provided in subsection (3), a bank with which a deposit account is maintained may exercise any right of recoupment or setoff against a secured party that holds a security interest in the deposit account. (2) Except as otherwise […]
Section 440.9341 – Bank’s Rights and Duties With Respect to Deposit Account.
440.9341 Bank’s rights and duties with respect to deposit account. Sec. 9341. Except as otherwise provided in section 9340(3), and unless the bank otherwise agrees in an authenticated record, a bank’s rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by 1 or more of […]