Michigan Laws 440.9803 – Perfected security interest before effective date of amendatory act
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Terms Used In Michigan Laws 440.9803
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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 440.9801
- This amended article: means this article as amended by this amendatory act. See Michigan Laws 440.9801
(1) A security interest that is a perfected security interest immediately before the effective date of this amendatory act is a perfected security interest under this amended article if, on the effective date of this amendatory act, the applicable requirements for attachment and perfection under this amended article are satisfied without further action.
(2) Except as otherwise provided in section 9805, if, immediately before the effective date of this amendatory act, a security interest is a perfected security interest, but the applicable requirements for perfection under this amended article are not satisfied on the effective date of this amendatory act, the security interest remains perfected thereafter only if the applicable requirements for perfection under this amended article are satisfied within 1 year after the effective date of this amendatory act.