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 address of the secured party.
(2) Except as otherwise provided in subsection (3), a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement that does all of the following:
(a) Identifies, by its file number, the initial financing statement to which it relates.
(b) Provides the name of the assignor.
(c) Provides the name and mailing address of the assignee.
(3) An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under section 9502(3) may be made only by an assignment of record of the mortgage in the manner provided by law of this state other than this act.
History: Add. 2000, Act 348, Eff. July 1, 2001
Last modified: October 10, 2016