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 440.9203 – Attachment and Enforcement of Security Interest; Proceeds; Supporting Obligations; Formal Requisites.
440.9203 Attachment and enforcement of security interest; proceeds; supporting obligations; formal requisites. Sec. 9203. (1) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. (2) Except as otherwise provided in subsections (3) through (9), a security interest […]
Section 440.9204 – After-Acquired Property; Future Advances.
440.9204 After-acquired property; future advances. Sec. 9204. (1) Except as otherwise provided in subsection (2), a security agreement may create or provide for a security interest in after-acquired collateral. (2) A security interest does not attach under a term constituting an after-acquired property clause to either of the following: (a) Consumer goods, other than an […]
Section 440.9205 – Use or Disposition of Collateral Permissible.
440.9205 Use or disposition of collateral permissible. Sec. 9205. (1) A security interest is not invalid or fraudulent against creditors solely because of either of the following: (a) The debtor has the right or ability to do 1 or more of the following: (i) Use, commingle, or dispose of all or part of the collateral, […]
Section 440.9206 – Security Interest Arising in Purchase or Delivery of Financial Asset.
440.9206 Security interest arising in purchase or delivery of financial asset. Sec. 9206. (1) A security interest in favor of a securities intermediary attaches to a person’s security entitlement if the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to […]
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 […]