Michigan Laws 440.9708 – Persons entitled to file initial financing statement or continuation statement
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A person may file an initial financing statement or a continuation statement under this part if both of the following apply:
(a) The secured party of record authorizes the filing.
Terms Used In Michigan Laws 440.9708
- Continuation statement: means an amendment of a financing statement which identifies, by its file number, the initial financing statement to which it relates and indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement. See Michigan Laws 440.9102
- Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Michigan Laws 440.9102
- 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
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 440.1201
- Secured party: means 1 or more of the following:
(i) A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding. See Michigan Laws 440.9102Security 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 filing is necessary under this part to do 1 of the following:
(i) To continue the effectiveness of a financing statement filed before this amendatory act takes effect.
(ii) To perfect or continue the perfection of a security interest.