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 440.9105 – Control of Electronic Chattel Paper.
440.9105 Control of electronic chattel paper. Sec. 9105. (1) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. (2) A system satisfies subsection (1) if the […]
Section 440.9106 – Control of Investment Property.
440.9106 Control of investment property. Sec. 9106. (1) A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 8106. (2) A secured party has control of a commodity contract if either of the following is met: (a) The secured party is the commodity intermediary with which the commodity […]
Section 440.9107 – Control of Letter-of-Credit Right.
440.9107 Control of letter-of-credit right. Sec. 9107. A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under section 5114(3) or […]
Section 440.9108 – Sufficiency of Description.
440.9108 Sufficiency of description. Sec. 9108. (1) Except as otherwise provided in subsections (3), (4), and (5), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (2) Except as otherwise provided in subsection (4), a description of collateral reasonably identifies the collateral […]
Section 440.9109 – Scope.
440.9109 Scope. Sec. 9109. (1) Except as otherwise provided in subsections (3) and (4), this article applies to all of the following: (a) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract. (b) An agricultural lien. (c) A sale of accounts, chattel paper, payment intangibles, or […]
Section 440.9110 – Security Interests Arising Under Article 2 or 2a.
440.9110 Security interests arising under article 2 or 2A. Sec. 9110. A security interest arising under section 2401, 2505, 2711(3), or 2A508(5) is subject to this article. However, until the debtor obtains possession of the goods, all of the following apply: (a) The security interest is enforceable, even if section 9203(2)(c) has not been satisfied. […]
Section 440.9111 – Repealed. 1998, Act 489, Imd. Eff. Jan. 4, 1999.
440.9111 Repealed. 1998, Act 489, Imd. Eff. Jan. 4, 1999. Compiler’s Notes: The repealed section pertained to creation of security interest as bulk transfer.
Section 440.9112-440.9116 – Repealed. 2000, Act 348, Eff. July 1, 2001.
440.9112-440.9116 Repealed. 2000, Act 348, Eff. July 1, 2001. Compiler’s Notes: The repealed sections pertained to collateral not owned by debtor, security interests arising under article on sales, consignment, attachment or perfection, and buyer obligations.