Michigan Laws 440.9703 – Security interest perfected before effective date
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(1) A security interest that is enforceable immediately before this amendatory act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this amendatory act if, when this amendatory act takes effect, the applicable requirements for enforceability and perfection under this amendatory act are satisfied without further action.
(2) Except as otherwise provided in section 9705, if, immediately before this amendatory act takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this amendatory act are not satisfied when this amendatory act takes effect, all of the following apply to the security interest:
Terms Used In Michigan Laws 440.9703
- 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.
- Lien creditor: means 1 or more of the following:
(i) A creditor that has acquired a lien on the property involved by attachment, levy, or the like. See Michigan Laws 440.9102Person: 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
(a) The security interest is a perfected security interest for 1 year after this amendatory act takes effect.
(b) The security interest remains enforceable thereafter only if the security interest becomes enforceable under section 9203 before the year expires.
(c) The security interest remains perfected thereafter only if the applicable requirements for perfection under this amendatory act are satisfied before the year expires.