Michigan Laws 440.9514 – Assignment of powers of secured party of record
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(1) Except as otherwise provided in subsection (3), an initial financing statement may reflect an assignment of all of the secured party‘s power to authorize an amendment to the financing statement providing the name and mailing address of the assignee as the name and address of the secured party.
(2) Except as otherwise provided in subsection (3), a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement that does all of the following:
Terms Used In Michigan Laws 440.9514
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- File number: means the number assigned to an initial financing statement pursuant to section 9519(1). See Michigan Laws 440.9102
- Filing office: means an office designated in section 9501 as the place to file a 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
- Fixture filing: means the filing of a financing statement covering goods that are or are to become fixtures and satisfying section 9502(1) and (2). See Michigan Laws 440.9102
- Mortgage: means a consensual interest in real property, including fixtures, which secures payment or performance of an obligation. See Michigan Laws 440.9102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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 State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 440.9102
(a) Identifies, by its file number, the initial financing statement to which it relates.
(b) Provides the name of the assignor.
(c) Provides the name and mailing address of the assignee.
(3) An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under section 9502(3) may be made only by an assignment of record of the mortgage in the manner provided by law of this state other than this act.