Section 440.9521 – Form and Format of Written Initial Financing Statement and Amendment.
440.9521 Form and format of written initial financing statement and amendment. Sec. 9521. (1) Except for a reason set forth in section 9516(2) or 9520(5), a filing office that accepts written records for filing shall not refuse to accept a written initial financing statement that conforms to the form and format of UCC financing statement […]
Section 440.9522 – Maintenance and Destruction of Records.
440.9522 Maintenance and destruction of records. Sec. 9522. (1) The filing office shall maintain a record of the information provided in a filed financing statement for at least 1 year after the effectiveness of the financing statement has lapsed under section 9515 with respect to all secured parties of record. The record must be retrievable […]
Section 440.9508 – Effectiveness of Financing Statement if New Debtor Becomes Bound by Security Agreement.
440.9508 Effectiveness of financing statement if new debtor becomes bound by security agreement. Sec. 9508. (1) Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing […]
Section 440.9509 – Persons Entitled to File a Record.
440.9509 Persons entitled to file a record. Sec. 9509. (1) A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if 1 of the following occurs: (a) The debtor authorizes the filing in an authenticated record or […]
Section 440.9510 – Effectiveness of Filing Record.
440.9510 Effectiveness of filing record. Sec. 9510. (1) A filed record is effective only to the extent that it was filed by a person that may file it under section 9509. (2) A record authorized by 1 secured party of record does not affect the financing statement with respect to another secured party of record. […]
Section 440.9511 – Secured Party of Record.
440.9511 Secured party of record. Sec. 9511. (1) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is […]
Section 440.9512 – Amendment of Financing Statement.
440.9512 Amendment of financing statement. Sec. 9512. (1) Subject to section 9509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (5), otherwise amend the information provided in, a financing statement by filing an amendment that does both of the following: (a) Identifies, by its […]
Section 440.9513 – Termination Statement.
440.9513 Termination statement. Sec. 9513. (1) A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and 1 or more of the following apply: (a) There is no obligation secured by the collateral covered by […]
Section 440.9514 – Assignment of Powers of Secured Party of Record.
440.9514 Assignment of powers of secured party of record. Sec. 9514. (1) Except as otherwise provided in subsection (3), an initial financing statement may reflect an assignment of all of the secured party’s power to authorize an amendment to the financing statement providing the name and mailing address of the assignee as the name and […]
Section 440.9515 – Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement; Continuation Statement; Termination.
440.9515 Duration and effectiveness of financing statement; effect of lapsed financing statement; continuation statement; termination. Sec. 9515. (1) Except as otherwise provided in subsections (2), (5), (6), and (7), a filed financing statement is effective for a period of 5 years after the date of filing. (2) Except as otherwise provided in subsections (5), (6), […]