Michigan Compiled Laws 174-1962-9-4 Part 4 Rights Of Third Parties (440.9401...440.9410)

• Section 440.9401 Alienability Of Debtor's Rights.
  (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...
• Section 440.9402 Secured Party Not Obligated On Contract Of Debtor Or In Tort.
  The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not...
• Section 440.9403 Agreement Not To Assert Defenses Against Assignee.
  (1) As used in this section, “value” has the meaning provided in section 3303(1). (2) Except as otherwise provided in this section, an agreement...
• Section 440.9404 Rights Acquired By Assignee; Claims And Defenses Against Assignee.
  (1) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (2) through (5), the...
• Section 440.9405 Modification Of Assigned Contract.
  (1) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding...
• 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.
  (1) Subject to subsections (2) through (9), an account debtor on an account, chattel paper, or a payment intangible may discharge its obligation by...
• Section 440.9407 Restrictions On Creation Or Enforcement Of Security Interest In Leasehold Interest Or In Lessor's Residual Interest.
  (1) Except as otherwise provided in subsection (2), a term in a lease agreement is ineffective to the extent that it does 1 or...
• Section 440.9408 Restrictions On Assignment Of Promissory Notes, Health-care-insurance Receivables, And Certain General Intangibles Ineffective.
  (1) Except as otherwise provided in subsection (2) or (4), a term in a promissory note or in an agreement between an account debtor...
• Section 440.9408a Repealed. 2000, Act 348, Eff.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  Compiler's Notes: The repealed section pertained to financing statement of consignor or lessor of goods.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 440.9409 Restrictions On Assignment Of Letter-of-credit Rights Ineffective.
  (1) A term in a letter of credit or a rule of law, statute, regulation, custom, or practice applicable to the letter of credit...
• Section 440.9410 Repealed. 2000, Act 348, Eff. July 1, 2001.
  Compiler's Notes: The repealed section pertained to establishment of subscription service.

Last modified: October 10, 2016