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 440.9602 – Waiver and Variance of Rights and Duties.
440.9602 Waiver and variance of rights and duties. Sec. 9602. Except as otherwise provided in section 9624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: (a) Section […]
Section 440.9603 – Agreement on Standards Concerning Rights and Duties.
440.9603 Agreement on standards concerning rights and duties. Sec. 9603. (1) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in section 9602 if the standards are not manifestly unreasonable. (2) Subsection (1) does […]
Section 440.9604 – Procedure if Security Agreement Covers Real Property or Fixtures.
440.9604 Procedure if security agreement covers real property or fixtures. Sec. 9604. (1) If a security agreement covers both personal and real property, a secured party may do either of the following: (a) Proceed under this part as to the personal property without prejudicing any rights with respect to the real property. (b) Proceed as […]
Section 440.9605 – Unknown Debtor or Secondary Obligor.
440.9605 Unknown debtor or secondary obligor. Sec. 9605. A secured party does not owe a duty based on its status as secured party to either of the following: (a) To a person that is a debtor or obligor, unless the secured party knows all of the following: (i) That the person is a debtor or […]
Section 440.9606 – Time of Default for Agricultural Lien.
440.9606 Time of default for agricultural lien. Sec. 9606. For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. History: Add. 2000, Act 348, Eff. July 1, 2001
Section 440.9607 – Collection and Enforcement by Secured Party.
440.9607 Collection and enforcement by secured party. Sec. 9607. (1) If so agreed, and in any event after default, a secured party may do 1 or more of the following: (a) Notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the […]
Section 440.9608 – Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus.
440.9608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. Sec. 9608. (1) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (a) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under […]
Section 440.9609 – Secured Party’s Right to Take Possession After Default.
440.9609 Secured party’s right to take possession after default. Sec. 9609. (1) After default, a secured party may do 1 or more of the following: (a) Take possession of the collateral. (b) Without removal, render equipment unusable and dispose of collateral on a debtor’s premises under section 9610. (2) A secured party may proceed under […]