Ask Reggi Your Question Now
Can you summarize MICL, 174-1962-9?
UNIFORM COMMERCIAL CODE (440.1101 - 440.11102) > ARTICLE 9 SECURED TRANSACTIONS (440.9101...440.9994)
Short Summary
The provided legal document content covers various aspects of secured transactions under the Uniform Commercial Code (UCC) Article 9 in Michigan. It includes transition provisions for the 2010 amendments to the UCC, determining the priority of conflicting claims to collateral. The documents also pertain to the repeal of certain acts and parts of acts in Michigan, without specifying the purpose or penalties. Additionally, the documents address the nonliability and limitation on liability of a secured party, as well as the liability of a secondary obligor. They outline the requirements and procedures for filing and maintaining financing statements, ensuring the enforceability and perfection of security interests. The documents also govern the assignment and transfer of certain assets, including promissory notes, health-care-insurance receivables, general intangibles, and leasehold interests. They specify the ineffectiveness of provisions or rules that restrict the assignment or transfer of these assets, with exceptions for certain claims or rights. Furthermore, the documents provide filing-office rules for secured transactions, detailing the requirements for filing records, acceptance by filing offices, and the process for addressing inaccuracies or wrongful filings. They also clarify the applicability of Article 9 Secured Transactions under the UCC in Michigan, specifying the types of transactions and security interests covered. Lastly, the documents outline the rights and duties related to requests for accounting, list of collateral, and statement of account, imposing obligations on secured parties to comply with such requests within specified timeframes. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Parties involved in conflicting claims to collateral under the Uniform Commercial Code in Michigan, individuals or entities affected by the repealed acts and parts of acts in Michigan, secured parties, debtors, account debtors, creditors, debtors, buyers, lessees, licensees, lien creditors, purchasers of goods, consignees, holders of negotiable instruments, filing offices, secured parties, debtors, account debtors
What does it govern?
Transition provisions for the 2010 amendments to the Uniform Commercial Code in Michigan, repeal of certain acts and parts of acts in the state of Michigan, nonliability and limitation on liability of a secured party, priority of security interests in different types of collateral, assignment and transfer of certain assets, filing-office rules for secured transactions, applicability of Article 9 Secured Transactions under the Uniform Commercial Code in Michigan, rights and duties related to requests for accounting, list of collateral, and statement of account
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Michigan