Section 440.9330 – Priority of Purchaser of Chattel Paper or Instrument.
440.9330 Priority of purchaser of chattel paper or instrument. Sec. 9330. (1) A purchaser of chattel paper has priority over a security interest in the chattel paper that is claimed merely as proceeds of inventory subject to a security interest if both of the following are met: (a) In good faith and in the ordinary […]
Section 440.9331 – Priority of Rights of Purchasers of Instruments, Documents, and Securities Under Other Articles; Priority of Interests in Financial Assets and Security Entitlements Under Article 8.
440.9331 Priority of rights of purchasers of instruments, documents, and securities under other articles; priority of interests in financial assets and security entitlements under article 8. Sec. 9331. (1) This article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title […]
Section 440.9316 – Continued Perfection of Security Interest Following Change in Governing Law.
440.9316 Continued perfection of security interest following change in governing law. Sec. 9316. (1) A security interest perfected pursuant to the law of the jurisdiction designated in section 9301(a) or 9305(3) remains perfected until the earliest of the following: (a) The time perfection would have ceased under the law of that jurisdiction. (b) The expiration […]
Section 440.9317 – Interests That Take Priority Over or Take Free of Unperfected Security Interest or Agricultural Lien.
440.9317 Interests that take priority over or take free of unperfected security interest or agricultural lien. Sec. 9317. (1) A security interest or agricultural lien is subordinate to the rights of 1 or more of the following: (a) A person entitled to priority under section 9322. (b) Except as otherwise provided in subsection (5), a […]
Section 440.9318 – No Interest Retained in Right to Payment That Is Sold; Rights and Title of Seller of Account or Chattel Paper With Respect to Creditors and Purchasers.
440.9318 No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers. Sec. 9318. (1) A debtor that has sold an account, chattel paper, payment intangibles, or promissory note does not retain a legal or equitable interest in the collateral […]
Section 440.9319 – Rights and Title of Consignee With Respect to Creditors and Purchasers.
440.9319 Rights and title of consignee with respect to creditors and purchasers. Sec. 9319. (1) Except as otherwise provided in subsection (2), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to […]
Section 440.9320 – Buyer of Goods.
440.9320 Buyer of goods. Sec. 9320. (1) Except as otherwise provided in subsection (5), a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer’s seller, even if the security interest is perfected and the […]
Section 440.9321 – Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business.
440.9321 Licensee of general intangible and lessee of goods in ordinary course of business. Sec. 9321. (1) As used in this section, “licensee in ordinary course of business” means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the […]
Section 440.9312 – Perfection of Security Interests in Chattel Paper, Deposit Accounts, Documents, Goods Covered by Documents, Instruments, Investment Property, Letter-of-Credit Rights, and Money; Perfection by Permissive Filing; Temporary Perfection Without Filing or Transfer of Possession.
440.9312 Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing; temporary perfection without filing or transfer of possession. Sec. 9312. (1) A security interest in chattel paper, negotiable documents, instruments, or investment property may be perfected by filing. (2) […]
Section 440.9313 – Possession by or Delivery to Secured Party Perfecting Security Interest Without Filing.
440.9313 Possession by or delivery to secured party perfecting security interest without filing. Sec. 9313. (1) Except as otherwise provided in subsection (2), a secured party may perfect a security interest in tangible negotiable documents, goods, instruments, money, or tangible chattel paper by taking possession of the collateral. A secured party may perfect a security […]