Section 440.9802 – Applicability; Scope.
440.9802 Applicability; scope. Sec. 9802. (1) Except as otherwise provided in this part, this amendatory act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before the effective date of this amendatory act. (2) This amendatory act does not affect an action, case, or […]
Section 440.9803 – Perfected Security Interest Before Effective Date of Amendatory Act.
440.9803 Perfected security interest before effective date of amendatory act. Sec. 9803. (1) A security interest that is a perfected security interest immediately before the effective date of this amendatory act is a perfected security interest under this amended article if, on the effective date of this amendatory act, the applicable requirements for attachment and […]
Section 440.9621 – Notification of Proposal to Accept Collateral.
440.9621 Notification of proposal to accept collateral. Sec. 9621. (1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to all of the following: (a) Any person from which the secured party has received, before the debtor consented to the acceptance, an […]
Section 440.9622 – Effect of Acceptance of Collateral.
440.9622 Effect of acceptance of collateral. Sec. 9622. (1) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures does all of the following: (a) Discharges the obligation to the extent consented to by the debtor. (b) Transfers to the secured party all of a debtor’s rights in the […]
Section 440.9623 – Right to Redeem Collateral.
440.9623 Right to redeem collateral. Sec. 9623. (1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (2) To redeem collateral, a person shall tender both of the following: (a) Fulfillment of all obligations secured by the collateral. (b) The reasonable expenses and attorney fees described in section 9615(1)(a). […]
Section 440.9624 – Waiver.
440.9624 Waiver. Sec. 9624. (1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 9611 only by an agreement to that effect entered into and authenticated after default. (2) A debtor may waive the right to require disposition of collateral under section 9620(5) only by an agreement […]
Section 440.9625 – Remedies for Secured Party’s Failure to Comply With Article.
440.9625 Remedies for secured party’s failure to comply with article. Sec. 9625. (1) If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. (2) Subject to subsections (3), (4), and (6), a […]
Section 440.9626 – Action in Which Deficiency or Surplus Is in Issue.
440.9626 Action in which deficiency or surplus is in issue. Sec. 9626. In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply: (a) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or […]
Section 440.9627 – Determination of Whether Conduct Was Commercially Reasonable.
440.9627 Determination of whether conduct was commercially reasonable. Sec. 9627. (1) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from […]
Section 440.9628 – Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor.
440.9628 Nonliability and limitation on liability of secured party; liability of secondary obligor. Sec. 9628. (1) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person, both of the following apply: (a) The secured party is not liable […]