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 440.8506 – Duty of Securities Intermediary to Exercise Rights With Respect to Financial Asset; Conditions.
440.8506 Duty of securities intermediary to exercise rights with respect to financial asset; conditions. Sec. 8506. A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. The duty is satisfied if the securities intermediary does either of the following: (a) Acts with respect to […]
Section 440.8507 – Compliance With Entitlement Order by Securities Intermediary; Conditions; Wrongful Transfer of Financial Asset Pursuant to Ineffective Entitlement Order; Liability.
440.8507 Compliance with entitlement order by securities intermediary; conditions; wrongful transfer of financial asset pursuant to ineffective entitlement order; liability. Sec. 8507. (1) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement […]
Section 440.8508 – Changing Security Entitlement Into Another Form of Holding; Transferring Financial Asset to Securities Account of Entitlement Holder; Duties of Securities Intermediary; Conditions.
440.8508 Changing security entitlement into another form of holding; transferring financial asset to securities account of entitlement holder; duties of securities intermediary; conditions. Sec. 8508. A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, […]
Section 440.8509 – Performance of Duties by Securities Intermediary.
440.8509 Performance of duties by securities intermediary. Sec. 8509. (1) If the substance of a duty imposed upon a securities intermediary by sections 8504 through 8508 is the subject of other statute, regulation, or rule, compliance with the statute, regulation, or rule satisfies the duty. (2) To the extent that specific standards for the performance […]
Section 440.8510 – Assertion of Action Based on Adverse Claim; Prohibition; Conditions; Priority.
440.8510 Assertion of action based on adverse claim; prohibition; conditions; priority. Sec. 8510. (1) In a case not covered by the priority rules in article 9 or the rules stated in subsection (3), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable […]
Section 440.8511 – Priority of Claims.
440.8511 Priority of claims. Sec. 8511. (1) Except as otherwise provided in subsections (2) and (3), if a securities intermediary does not have sufficient interest in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities […]
Section 440.8601 – Action or Proceeding Commenced Before Act Takes Effect; Security Interest Perfected at Date Act Takes Effect.
440.8601 Action or proceeding commenced before act takes effect; security interest perfected at date act takes effect. Sec. 8601. (1) This amendatory act does not affect an action or proceeding commenced before this amendatory act that added this section takes effect. (2) If a security interest in a security is perfected at the date this […]
Section 440.9101 – Uniform Commercial Code—secured Transactions; Short Title.
440.9101 Uniform commercial code—secured transactions; short title. Sec. 9101. This article shall be known and may be cited as “uniform commercial code—secured transactions”. History: 1962, Act 174, Eff. Jan. 1, 1964