Michigan Compiled Laws 174-1962-9-6-1. Subpart 1. Default And Enforcement Of Security Interest (440.9601...440.9624)

• Section 440.9601 Rights After Default; Judicial Enforcement; Consignor Or Buyer Of Accounts, Chattel Paper, Payment Intangibles, Or Promissory Notes.
  (1) After default, a secured party has the rights provided in this part and, except as otherwise provided in section 9602, those provided by...
• Section 440.9602 Waiver And Variance Of Rights And Duties.
  Except as otherwise provided in section 9624, to the extent that they give rights to a debtor or obligor and impose duties on a...
• Section 440.9603 Agreement On Standards Concerning Rights And Duties.
  (1) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of...
• Section 440.9604 Procedure If Security Agreement Covers Real Property Or Fixtures.
  (1) If a security agreement covers both personal and real property, a secured party may do either of the following: (a) Proceed under this...
• Section 440.9605 Unknown Debtor Or Secondary Obligor.
  A secured party does not owe a duty based on its status as secured party to either of the following: (a) To a person...
• Section 440.9606 Time Of Default For Agricultural Lien.
  For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce...
• Section 440.9607 Collection And Enforcement By Secured Party.
  (1) If so agreed, and in any event after default, a secured party may do 1 or more of the following: (a) Notify an...
• Section 440.9608 Application Of Proceeds Of Collection Or Enforcement; Liability For Deficiency And Right To Surplus.
  (1) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (a) A secured party shall...
• Section 440.9609 Secured Party's Right To Take Possession After Default.
  (1) After default, a secured party may do 1 or more of the following: (a) Take possession of the collateral. (b) Without removal, render...
• Section 440.9610 Disposition Of Collateral After Default.
  (1) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition...
• Section 440.9611 Notification Before Disposition Of Collateral.
  (1) As used in this section, “notification date” means the earlier of the date on which 1 of the following occurs: (a) A secured...
• Section 440.9612 Timeliness Of Notification Before Disposition Of Collateral.
  (1) Except as otherwise provided in subsection (2), whether a notification is sent within a reasonable time is a question of fact. (2) In...
• Section 440.9613 Contents And Form Of Notification Before Disposition Of Collateral; Generally.
  Except in a consumer-goods transaction, the following rules apply: (a) The contents of a notification of disposition are sufficient if the notification does all...
• Section 440.9614 Contents And Form Of Notification Before Disposition Of Collateral; Consumer-goods Transaction.
  In a consumer-goods transaction, the following rules apply: (a) A notification of disposition must provide all of the following information: (i) The information specified...
• Section 440.9615 Application Of Proceeds Of Disposition; Liability For Deficiency And Right To Surplus.
  (1) A secured party shall apply or pay over for application the cash proceeds of disposition under section 9610 in the following order: (a)...
• Section 440.9616 Explanation Of Calculation Of Surplus Or Deficiency.
  (1) As used in this section: (a) “Explanation” means a writing that does all of the following: (i) States the amount of the surplus...
• Section 440.9617 Rights Of Transferee Of Collateral.
  (1) A secured party's disposition of collateral after default does all of the following: (a) Transfers to a transferee for value all of the...
• Section 440.9618 Rights And Duties Of Certain Secondary Obligors.
  (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after all of the following: (a)...
• Section 440.9619 Transfer Of Record Or Legal Title.
  (1) As used in this section, “transfer statement” means a record authenticated by a secured party stating all of the following: (a) That the...
• Section 440.9620 Acceptance Of Collateral In Full Or Partial Satisfaction Of Obligation; Compulsory Disposition Of Collateral.
  (1) Except as otherwise provided in subsection (7), a secured party may accept collateral in full or partial satisfaction of the obligation it secures...
• Section 440.9621 Notification Of Proposal To Accept Collateral.
  (1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to...
• Section 440.9622 Effect Of Acceptance Of Collateral.
  (1) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures does all of the following: (a) Discharges...
• Section 440.9623 Right To Redeem Collateral.
  (1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (2) To redeem collateral, a person shall tender...
• Section 440.9624 Waiver.
  (1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 9611 only by an agreement to...

Last modified: October 10, 2016