Michigan Laws 440.9401 – Alienability of debtor’s rights
Current as of: 2023 | Check for updates
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(1) Except as otherwise provided in subsection (2) and sections 9406, 9407, 9408, and 9409, whether a debtor‘s rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article.
(2) An agreement between the debtor and secured party that prohibits a transfer of the debtor’s rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.
Terms Used In Michigan Laws 440.9401
- Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102
- Debtor: means 1 of the following:
(i) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor. See Michigan Laws 440.9102Secured 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 440.9102