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 […]
Section 440.9314 – Perfection by Control.
440.9314 Perfection by control. Sec. 9314. (1) A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents may be perfected by control of the collateral under section 7106, 9104, 9105, 9106, or 9107. (2) A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights, or electronic documents is […]
Section 440.9302 – Law Governing Perfection and Priority of Agricultural Liens.
440.9302 Law governing perfection and priority of agricultural liens. Sec. 9302. While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products. History: 1962, Act 174, Eff. Jan. 1, 1964 ;– Am. 1964, […]
Section 440.9303 – Law Governing Perfection and Priority of Security Interests in Goods Covered by Certificate of Title.
440.9303 Law governing perfection and priority of security interests in goods covered by certificate of title. Sec. 9303. (1) This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor. […]
Section 440.9304 – Law Governing Perfection and Priority of Security Interests in Deposit Accounts.
440.9304 Law governing perfection and priority of security interests in deposit accounts. Sec. 9304. (1) The local law of a bank’s jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank. (2) The following rules determine a bank’s jurisdiction for purposes […]
Section 440.9305 – Law Governing Perfection and Priority of Security Interests in Investment Property.
440.9305 Law governing perfection and priority of security interests in investment property. Sec. 9305. (1) Except as otherwise provided in subsection (3), the following rules apply: (a) While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a […]
Section 440.9306 – Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights.
440.9306 Law governing perfection and priority of security interests in letter-of-credit rights. Sec. 9306. (1) Subject to subsection (3), the local law of the issuer’s jurisdiction or a nominated person’s jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer’s jurisdiction or […]
Section 440.9307 – “Place of Business” Defined; Location of Debtor.
440.9307 “Place of business” defined; location of debtor. Sec. 9307. (1) As used in this section, “place of business” means a place where a debtor conducts its affairs. (2) Except as otherwise provided in this section, the following rules determine a debtor’s location: (a) A debtor who is an individual is located at the individual’s […]
Section 440.9308 – When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection.
440.9308 When security interest or agricultural lien is perfected; continuity of perfection. Sec. 9308. (1) Except as otherwise provided in this section and section 9309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 9310 through 9316 have been satisfied. A security interest is perfected […]
Section 440.9309 – Security Interest Perfected Upon Attachment.
440.9309 Security interest perfected upon attachment. Sec. 9309. Each of the following security interests is perfected when it attaches: (a) A purchase-money security interest in consumer goods, except as otherwise provided in section 9311(2) with respect to consumer goods that are subject to a statute or treaty described in section 9311(1). (b) An assignment of […]