Michigan Laws 257.58b – “Security interest,””security agreement,””secured party,””debtor,””financing statement,” and “termination statement” defined
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Terms Used In Michigan Laws 257.58b
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
“Security interest”, “security agreement”, “secured party”, “debtor”, “financing statement”, and “termination statement” as used in this act mean those terms as defined in the uniform commercial code, 1962 PA 174, MCL 440.1101 to 440.11102.