Michigan Laws 440.9704 – Security interest unperfected before effective date
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All of the following apply to a security interest that is enforceable immediately before this amendatory act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(a) The security interest remains an enforceable security interest for 1 year after this amendatory act takes effect.
Terms Used In Michigan Laws 440.9704
- Creditor: includes a general creditor, a secured creditor, a lien creditor, and any representative of creditors, including an assignee for the benefit of creditors, a trustee in bankruptcy, a receiver in equity, and an executor or administrator of an insolvent debtor's or assignor's estate. See Michigan Laws 440.1201
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Michigan Laws 440.1201
- Security interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201
- this amendatory act: means the amendatory act that added this part. See Michigan Laws 440.9701
(b) The security interest remains enforceable thereafter if the security interest becomes enforceable under section 9203 when this amendatory act takes effect or within 1 year thereafter.
(c) The security interest becomes perfected under 1 of the following:
(i) Without further action, when this amendatory act takes effect if the applicable requirements for perfection under this amendatory act are satisfied before or at that time.
(ii) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.