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 […]
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 440.9614 – 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 […]
Section 440.9619 – Transfer of Record or Legal Title.
440.9619 Transfer of record or legal title. Sec. 9619. (1) As used in this section, “transfer statement” means a record authenticated by a secured party stating all of the following: (a) That the debtor has defaulted in connection with an obligation secured by specified collateral. (b) That the secured party has exercised its postdefault remedies […]
Section 440.9620 – Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral.
440.9620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. Sec. 9620. (1) Except as otherwise provided in subsection (7), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if all of the following are met: (a) The debtor consents to the […]
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 […]