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 440.9601 – Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes.
440.9601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. Sec. 9601. (1) After default, a secured party has the rights provided in this part and, except as otherwise provided in section 9602, those provided by agreement of the parties. A secured party may do 1 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 […]