Michigan Compiled Laws § 440.9331 Priority Of Rights Of Purchasers Of Instruments, Documents, And Securities Under Other Articles; Priority Of Interests In Financial Assets And Security Entitlements Under Article 8.

440.9331 Priority of rights of purchasers of instruments, documents, and securities under other articles; priority of interests in financial assets and security entitlements under article 8.

Sec. 9331.

(1) This article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, or a protected purchaser of a security. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in articles 3, 7, and 8.

(2) This article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under article 8.

(3) Filing under this article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections (1) and (2).

History: Add. 2000, Act 348, Eff. July 1, 2001

Section: Previous  440.9324  440.9325  440.9326  440.9327  440.9328  440.9329  440.9330  440.9331  440.9332  440.9333  440.9334  440.9335  440.9336  440.9337  440.9338  Next

Last modified: October 10, 2016