§ 440.9201 General effectiveness of security agreement
§ 440.9202 Title to collateral immaterial
§ 440.9203 Attachment and enforcement of security interest; proceeds; supporting obligations; formal requisites
§ 440.9204 After-acquired property; future advances
§ 440.9205 Use or disposition of collateral permissible
§ 440.9206 Security interest arising in purchase or delivery of financial asset

Terms Used In Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 9 > Part 2 > Subpart 1 - Effectiveness and Attachment

  • Accession: means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. See Michigan Laws 440.9102
  • account for: means a right to payment of a monetary obligation, whether or not earned by performance, for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, for services rendered or to be rendered, for a policy of insurance issued or to be issued, for a secondary obligation incurred or to be incurred, for energy provided or to be provided, for the use or hire of a vessel under a charter or other contract, arising out of the use of a credit or charge card or information contained on or for use with the card, or as winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a state, or person licensed or authorized to operate the game by a state or governmental unit of a state. See Michigan Laws 440.9102
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • 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.
  • Amortization: Paying off a loan by regular installments.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bank: means an organization that is engaged in the business of banking. See Michigan Laws 440.9102
  • Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Michigan Laws 440.9102
  • Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102
  • Commercial purposes: means offering for sale, selling, giving, or furnishing to others. See Michigan Laws 324.48728
  • Commission: means the commission of natural resources. See Michigan Laws 324.301
  • Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Michigan Laws 440.9102
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Consumer: means an individual who enters into a transaction primarily for personal, family, or household purposes. See Michigan Laws 440.1201
  • Contract: A legal written agreement that becomes binding when signed.
  • Conventional gravity sewer extension: means the installation of a new gravity sewer and connection to an existing collection system to provide sewer service to new areas previously not served by the public sewer system. See Michigan Laws 324.4101
  • Convicted: means 1 of the following:
  (i) Having a judgment of conviction or a probation order entered in any court having jurisdiction over criminal offenses, including, but not limited to, a tribal court or a military court. See Michigan Laws 28.722
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Crayfish: means any arthropod of the decapoda family. See Michigan Laws 324.48728
  • Crustacea: means any freshwater crayfish, shrimp, or prawn of the order decapoda. See Michigan Laws 324.48701
  • Custodial authority: means 1 or more of the following apply:
    •   (i) The actor was a member of the same household as the victim. See Michigan Laws 28.722
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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 440.9102
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Delivery: means either of the following:
    •   (i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201
  • Department: means the department of state police. See Michigan Laws 28.722
  • Department: means the director of the department of natural resources or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.301
  • Department of natural resources: means the principal state department created in section 501. See Michigan Laws 324.301
  • Director: means the director of the department of natural resources. See Michigan Laws 324.301
  • Employee: means an individual who is self-employed or works for any other entity as a full-time or part-time employee, contractual provider, or volunteer, regardless of whether he or she is financially compensated. See Michigan Laws 28.722
  • Endangered species: means any species of fish, plant life, or wildlife that is in danger of extinction throughout all or a significant part of its range, other than a species of insecta determined by the department or the secretary of the United States department of the interior to constitute a pest whose protection under this part would present an overwhelming and overriding risk to humans. See Michigan Laws 324.36501
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Ex officio: Literally, by virtue of one's office.
  • Expedited review: means an expedited review of an application for a construction permit under section 4112. See Michigan Laws 324.4101
  • Felony: means that term as defined in section 1 of chapter I of the code of criminal procedure, 1927 PA 174, MCL 761. See Michigan Laws 28.722
  • firearm: except as otherwise specifically defined in statute, includes any weapon which will, is designed to, or may readily be converted to expel a projectile by action of an explosive. See Michigan Laws 8.3t
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • Fund: means the infrastructure construction fund created in section 4113. See Michigan Laws 324.4101
  • Game fish: includes all of the following:
    •   (i) Lake trout (Salvelinus namaycush). See Michigan Laws 324.48701
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Goods: means all things that are movable when a security interest attaches. See Michigan Laws 440.9102
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
  • Import: means to bring into, introduce into, or attempt to bring into or introduce into any place subject to the jurisdiction of this state. See Michigan Laws 324.36501
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Indigent: means an individual to whom 1 or more of the following apply:
    •   (i) He or she has been found by a court to be indigent within the last 6 months. See Michigan Laws 28.722
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Institution of higher education: means 1 or more of the following:
    •   (i) A public or private community college, college, or university. See Michigan Laws 28.722
  • Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract, or commodity account. See Michigan Laws 440.9102
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legacy: A gift of property made by will.
  • Licensed professional engineer: means a professional engineer licensed under article 20 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 324.4101
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Listed offense: means a tier I, tier II, or tier III offense. See Michigan Laws 28.722
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Local law enforcement agency: means the police department of a municipality. See Michigan Laws 28.722
  • local unit: means a municipality or county. See Michigan Laws 324.301
  • Michigan conservation and recreation legacy fund: means the Michigan conservation and recreation legacy fund established in section 40 of article IX of the state constitution of 1963 and provided for in section 2002. See Michigan Laws 324.301
  • Minnows: means chubs, shiners, suckers, when of a size ordinarily used for bait in hook and line fishing, dace, stonerollers, muddlers, and mudminnows. See Michigan Laws 324.48728
  • Minor: means a victim of a listed offense who was less than 18 years of age at the time the offense was committed. See Michigan Laws 28.722
  • Mollusks: means any mollusk of the classes bivalvia and gastropoda. See Michigan Laws 324.48701
  • month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • municipalities: as used in this part means and includes a county, city, village, township, school district, metropolitan district, port district, drainage district, authority, or other governmental authority, agency, or department within or of the state with power to acquire, construct, improve, or operate facilities for the prevention or abatement of water pollution, or any combination of such governmental agencies. See Michigan Laws 324.4501
  • Municipality: means a city, village, or township of this state. See Michigan Laws 28.722
  • Municipality: means a city, village, or township. See Michigan Laws 324.301
  • New debtor: means a person that becomes bound as debtor under section 9203(4) by a security agreement previously entered into by another person. See Michigan Laws 440.9102
  • Oath: A promise to tell the truth.
  • oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Officer: means a supervisor, treasurer, clerk, or trustee. See Michigan Laws 41.1b
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Party: means a person or agency named, admitted, or properly seeking and entitled of right to be admitted, as a party in a contested case. See Michigan Laws 24.205
  • 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
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.301
  • Personal property: All property that is not real property.
  • Plans and specifications: means a true description or representation of the entire sewerage system and parts of a system as the sewerage system exists or is to be constructed, and also a full and fair statement of how the system is to be operated. See Michigan Laws 324.4101
  • President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
  • Probate: Proving a will
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Proceeds: means , except as used in section 9609(2), 1 or more of the following property:
    •   (i) Whatever is acquired upon the sale, lease, license, exchange, or other disposition of collateral. See Michigan Laws 440.9102
  • Project: means a proposal to install within 1 general area a new wastewater collection system. See Michigan Laws 324.4101
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
  • Public domain: means all land owned by this state or land deeded to this state under state law. See Michigan Laws 324.301
  • Purchase: means taking by sale, lease, discount, negotiation, mortgage, pledge, lien, security interest, issue or reissue, gift, or any other voluntary transaction creating an interest in property. See Michigan Laws 440.1201
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Recombinant nucleic acid techniques: means laboratory techniques through which genetic material is isolated and manipulated in vitro and then inserted into an organism. See Michigan Laws 324.48701
  • Registration jurisdiction: means each of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the United States Virgin Islands, American Samoa, and the Indian tribes within the United States that elect to function as a registration jurisdiction. See Michigan Laws 28.722
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Reptiles: means any turtle, snake, or lizard of the class reptilia. See Michigan Laws 324.48701
  • Residence: as used in this act , for registration and voting purposes means that place at which a person habitually sleeps, keeps his or her personal effects, and has a regular place of lodging. See Michigan Laws 28.722
  • Resident: means either of the following:
    •   (i) A person who resides in a settled or permanent home or domicile with the intention of remaining in this state. See Michigan Laws 324.48701
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Right: includes remedy. See Michigan Laws 440.1201
  • Rule: means a rule promulgated pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 324.301
  • seal: shall be construed to include any of the following:
    •   (a) The impression of the seal on the paper alone. See Michigan Laws 8.3n
  • 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 440.9102
  • Security agreement: means an agreement that creates or provides for a security interest. See Michigan Laws 440.9102
  • Security interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Sewerage system: means a system of pipes and structures including pipes, channels, conduits, manholes, pumping stations, sewage or waste treatment works, diversion and regulatory devices, outfall structures, and appurtenances, collectively or severally, actually used or intended for use by the public for the purpose of collecting, conveying, transporting, treating, or otherwise handling sanitary sewage or other industrial liquid wastes that are capable of adversely affecting the public health. See Michigan Laws 324.4101
  • shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c
  • Simple pumping station and force main: means the installation of a duplex pumping station and a force main with only 1 high point and of length of no more than 2,000 feet that is to be connected to an existing gravity collection system to provide sewer service to new areas previously not served by the public sewer system. See Michigan Laws 324.4101
  • Small diameter pressure sewer and grinder pumping station: means a single project that includes the installation of new pressure sewers totaling not more than 5,000 feet and not more than 25 grinder pumping stations with each grinder pumping station serving not more than 5 separate owners and that is to be connected to an existing gravity collection system to provide sewer service to new areas previously not served by the public sewer system. See Michigan Laws 324.4101
  • Species: includes any subspecies of fish, plant life, or wildlife and any other group of fish, plants, or wildlife of the same species or smaller taxa in common spatial arrangement that interbreed or cross-pollinate when mature. See Michigan Laws 324.36501
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Statutes at large: A chronological listing of the laws enacted each Congress. They are published in volumes numbered by Congress.
  • Student: means an individual enrolled on a full- or part-time basis in a public or private educational institution, including, but not limited to, a secondary school, trade school, professional institution, or institution of higher education. See Michigan Laws 28.722
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Supervisor: means the supervisor of a township elected under chapter XVI of the Michigan election law, Act No. See Michigan Laws 41.1b
  • Supporting obligation: means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument, or investment property. See Michigan Laws 440.9102
  • Take: means , in reference to fish and wildlife, to harass, harm, pursue, hunt, shoot, wound, kill, trap, capture, collect, or attempt to engage in any such conduct. See Michigan Laws 324.36501
  • Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Threatened species: means any species which is likely to become an endangered species within the foreseeable future throughout all or a significant portion of its range. See Michigan Laws 324.36501
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Township board: means the township board of a township constituted as provided in section 70. See Michigan Laws 41.1b
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trout stream: means any stream or portion of a stream that contains a significant population of any species of trout or salmon as determined by the department. See Michigan Laws 324.48701
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Vehicle: means that term as defined in section 79 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 28.722
  • Wigglers: means Mayfly nymphs or any other aquatic insect nymphs or larvae. See Michigan Laws 324.48728
  • writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201