A security interest arising under section 2401, 2505, 2711(3), or 2A508(5) is subject to this article. However, until the debtor obtains possession of the goods, all of the following apply:
    (a) The security interest is enforceable, even if section 9203(2)(c) has not been satisfied.
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Terms Used In Michigan Laws 440.9110

  • 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
  • Goods: means all things that are movable when a security interest attaches. See Michigan Laws 440.9102
  • 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 interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201
    •     (b) Filing is not required to perfect the security interest.
        (c) The rights of the secured party after default by the debtor are governed by article 2 or 2A.
        (d) The security interest has priority over a conflicting security interest created by the debtor.
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