Michigan Compiled Laws 174-1962-2a-3 Part 3 Effect Of Lease Contract (440.2901...440.2911)

• Section 440.2901 Lease Contract; Enforcement.
  Except as otherwise provided in this article, a lease contract is effective and enforceable according to its terms between the parties, against purchasers of...
• Section 440.2902 Applicability Of Article; Title Or Possession.
  Except as otherwise provided in this article, each provision of this article applies whether the lessor or a third party has title to the...
• Section 440.2903 Security Interest; Creation; Transfer; Limitations; Rights And Remedies; Delegation Of Duties Or Performance; Liability; Prohibition.
  (1) As used in this section, “creation of a security interest” includes the sale of a lease contract that is subject to article 9,...
• Section 440.2904 Transfer From Lessor To Subsequent Lessee; Power; Obtaining Rights In Ordinary Course Of Business; Entrustment; Certificate Of Title.
  (1) Subject to section 2A303, a subsequent lessee from a lessor of goods under an existing lease contract obtains, to the extent of the...
• Section 440.2905 Transfer From Lessee To Buyer Or Sublessee; Power; Rights; Buyer In Ordinary Course Of Business; Entrustment; Certificate Of Title.
  (1) Subject to section 2A303, a buyer or sublessee from the lessee of goods under an existing lease contract obtains, to the extent of...
• Section 440.2906 Materials Or Services Provided With Respect To Goods Subject To Lease Contract; Lien; Priority; Exception.
  If a person in the ordinary course of his or her business furnishes services or materials with respect to goods subject to a lease...
• Section 440.2907 Creditor Of Lessee; Rights; Taking Leasehold Interest Subject To Security Interest.
  (1) Except as otherwise provided in section 2A306, a creditor of a lessee takes subject to the lease contract. (2) Except as otherwise provided...
• Section 440.2908 Creditor Of Lessor Or Seller; Lease Or Sale Contract Treated As Void; Fraudulent Retention Or Possession Of Goods; Security For Preexisting Claim.
  (1) A creditor of a lessor in possession of goods subject to a lease contract may treat the lease contract as void if as...
• Section 440.2909 Definitions; Lease Of Fixtures; Priority Of Security Interests; Right To Remove Goods; Reimbursement; Perfection By Filing Financing Statement As Fixture Filing.
  (1) As used in this section: (a) “Goods” are “fixtures” when they become so related to particular real estate that an interest in them...
• Section 440.2910 Goods As Accessions; Priority Of Interests; Right To Remove Goods; Reimbursement.
  (1) Goods are accessions when they are installed in or affixed to other goods. (2) The interest of a lessor or a lessee under...
• Section 440.2911 Subordination By Agreement.
  Nothing in this article prevents subordination by agreement by any person entitled to priority. History: Add. 1992, Act 101, Eff. Sept. 30, 1992

Last modified: October 10, 2016