Section 440.9701 – “This Amendatory Act” Defined.
440.9701 “This amendatory act” defined. Sec. 9701. As used in this part, “this amendatory act” means the amendatory act that added this part. History: Add. 2000, Act 348, Eff. July 1, 2001
Section 440.9702 – Savings Clause.
440.9702 Savings clause. Sec. 9702. (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 this amendatory act takes effect. (2) Except as otherwise provided in subsection (3) and sections 9703 through 9709, […]
Section 440.9611 – Notification Before Disposition of Collateral.
440.9611 Notification before disposition of collateral. Sec. 9611. (1) As used in this section, “notification date” means the earlier of the date on which 1 of the following occurs: (a) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition. (b) The debtor and any secondary obligor waive the […]
Section 440.9612 – Timeliness of Notification Before Disposition of Collateral.
440.9612 Timeliness of notification before disposition of collateral. Sec. 9612. (1) Except as otherwise provided in subsection (2), whether a notification is sent within a reasonable time is a question of fact. (2) In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the […]
Section 440.9613 – Contents and Form of Notification Before Disposition of Collateral; Generally.
440.9613 Contents and form of notification before disposition of collateral; generally. Sec. 9613. Except in a consumer-goods transaction, the following rules apply: (a) The contents of a notification of disposition are sufficient if the notification does all of the following: (i) Describes the debtor and the secured party. (ii) Describes the collateral that is the […]
Section 440.9614 – Contents and Form of Notification Before Disposition of Collateral; Consumer-Goods Transaction.
440.9614 Contents and form of notification before disposition of collateral; consumer-goods transaction. Sec. 9614. In a consumer-goods transaction, the following rules apply: (a) A notification of disposition must provide all of the following information: (i) The information specified in section 9613(a). (ii) A description of any liability for a deficiency of the person to which […]
Section 440.9615 – Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus.
440.9615 Application of proceeds of disposition; liability for deficiency and right to surplus. Sec. 9615. (1) A secured party shall apply or pay over for application the cash proceeds of disposition under section 9610 in the following order: (a) To the reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the […]
Section 440.9616 – Explanation of Calculation of Surplus or Deficiency.
440.9616 Explanation of calculation of surplus or deficiency. Sec. 9616. (1) As used in this section: (a) “Explanation” means a writing that does all of the following: (i) States the amount of the surplus or deficiency. (ii) Provides an explanation in accordance with subsection (3) of how the secured party calculated the surplus or deficiency. […]
Section 440.9617 – Rights of Transferee of Collateral.
440.9617 Rights of transferee of collateral. Sec. 9617. (1) A secured party’s disposition of collateral after default does all of the following: (a) Transfers to a transferee for value all of the debtor’s rights in the collateral. (b) Discharges the security interest under which the disposition is made. (c) Discharges any subordinate security interest or […]
Section 440.9618 – Rights and Duties of Certain Secondary Obligors.
440.9618 Rights and duties of certain secondary obligors. Sec. 9618. (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after all of the following: (a) The secondary obligor receives an assignment of a secured obligation from the secured party. (b) The secondary obligor receives a transfer […]