Section 440.9506 – Effect of Errors or Omissions.
440.9506 Effect of errors or omissions. Sec. 9506. (1) A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading. (2) Except as otherwise provided in subsection (3), a financing statement that fails sufficiently to […]
Section 440.9507 – Effect of Certain Events on Effectiveness of Financing Statement.
440.9507 Effect of certain events on effectiveness of financing statement. Sec. 9507. (1) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition. […]
Section 440.9404 – Rights Acquired by Assignee; Claims and Defenses Against Assignee.
440.9404 Rights acquired by assignee; claims and defenses against assignee. Sec. 9404. (1) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (2) through (5), the rights of an assignee are subject to all of the following: (a) All terms of the agreement between the […]
Section 440.9405 – Modification of Assigned Contract.
440.9405 Modification of assigned contract. Sec. 9405. (1) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. […]
Section 440.9406 – Discharge of Account Debtor; Notification of Assignment; Identification and Proof of Assignment; Restrictions on Assignment of Accounts, Chattel Paper, Payment Intangibles, and Promissory Notes Ineffective.
440.9406 Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective. Sec. 9406. (1) Subject to subsections (2) through (9), an account debtor on an account, chattel paper, or a payment intangible may discharge its obligation by paying the assignor […]
Section 440.9407 – Restrictions on Creation or Enforcement of Security Interest in Leasehold Interest or in Lessor’s Residual Interest.
440.9407 Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest. Sec. 9407. (1) Except as otherwise provided in subsection (2), a term in a lease agreement is ineffective to the extent that it does 1 or more of the following: (a) Prohibits, restricts, or requires the consent of […]
Section 440.9408 – Restrictions on Assignment of Promissory Notes, Health-Care-Insurance Receivables, and Certain General Intangibles Ineffective.
440.9408 Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective. Sec. 9408. (1) Except as otherwise provided in subsection (2) or (4), a term in a promissory note or in an agreement between an account debtor and a debtor that relates to a health-care-insurance receivable or a general intangible, including a […]
Section 440.9408a – Repealed. 2000, Act 348, Eff. July 1, 2001.
440.9408a Repealed. 2000, Act 348, Eff. July 1, 2001. Compiler’s Notes: The repealed section pertained to financing statement of consignor or lessor of goods.
Section 440.9342 – Bank’s Right to Refuse to Enter Into or Disclose Existence of Control Agreement.
440.9342 Bank’s right to refuse to enter into or disclose existence of control agreement. Sec. 9342. This article does not require a bank to enter into an agreement of the kind described in section 9104(1)(b), even if its customer so requests or directs. A bank that has entered into such an agreement is not required […]
Section 440.9401 – Alienability of Debtor’s Rights.
440.9401 Alienability of debtor’s rights. Sec. 9401. (1) Except as otherwise provided in subsection (2) and sections 9406, 9407, 9408, and 9409, whether a debtor’s rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article. (2) An agreement between the debtor and secured party that prohibits a transfer […]