Mich. Comp. Laws » Michigan Compiled Laws / Chapter 440 / Act 174 of 1962

Mich. Comp. Laws § 440.9402

Secured party not obligated on contract of debtor or in tort.

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UNIFORM COMMERCIAL CODE


Act 174 of 1962


440.9402 Secured party not obligated on contract of debtor or in tort.

Sec. 9402.

    The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.

History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1980, Act 53, Imd. Eff. Mar. 27, 1980 ;-- Am. 1988, Act 130, Eff. Sept. 1, 1988 ;-- Am. 1989, Act 216, Imd. Eff. Nov. 27, 1989 ;-- Am. 1998, Act 489, Imd. Eff. Jan. 4, 1999 ;-- Am. 2000, Act 348, Eff. July 1, 2001

Notes of Decisions
Cited in 27 cases (1 in the last 5 years), 1969–2024 · leading case: Continental Oil Co. v. Citizens Trust & Savings Bank
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Continental Oil Co. v. Citizens Trust & Savings Bank (1976) mich · cites it 16× “II —Duty Under the Code of a Secured Creditor Where the Debtor Subsequently Changes Its Name a) Duty Imposed Under MCLA 440.9402; MSA 19.9402. The formal requisites for perfection of a security interest through the filing of a financing statement are laid out in MCLA 440.”
Matter of Cliff's Ridge Skiing Corp. (1991) miwb · cites it 12× “Mich.Comp.Laws Ann. § 440.9402(1). In addition, a financing statement covering fixtures or goods to become fixtures must: (6) state that it covers this type of collateral; (7) recite it is to be recorded in the real estate records; (8) contain a description of the real estate…”
In Re Damon J. And Regina M. Kroskie, Debtors. James W. Boyd, Chapter 7 Trustee v. Chase Manhattan Mortgage Corporation (2003) ca6 · cites it 3× “Because the UCC recognizes that a security interest in a fixture can be perfected by a mortgage on the subject real estate in lieu of an Article 9 financing statement, Mich. Comp. Laws § 440.9402 (6) (amended 2000), the district court determined that this alternative is equally…”
In Re Darling Lumber, Inc. (1986) mieb · cites it 5× “The Michigan Supreme Court affirmed a decision of the appeals court holding that the bank’s interest was superior to Continental Oil’s notwithstanding the fact that the name of the debtor had changed substantially subsequent to the filing of the first financing statement.”
Continental Oil Co. v. Citizens Trust & Savings Bank (1974) michctapp · cites it 6× “See MCLA 440.9402; MSA 19.9402-form 1. In June of 1966, debtor amended its articles of incorporation and changed its corporate name to Blossom Trail Growers, Inc.”
Yamaha Motor Corp., USA v. Tri-City Motors & Sports, Inc. (1988) michctapp · cites it 2× “MCL 440.9402; MSA 19.9402. Apparently, the protective measures were either never proposed or never consummated.”
Peterson v. Old Kent Bank & Trust Co. (In Re Beefeaters, Inc.) (1983) miwb · cites it 3× “§ 440.9402(5) ] generally. In his brief filed on July 2, 1982, the trustee specifically set forth all the arguments he now raised.”
In Re National Welding of Michigan, Inc. (1986) miwd · cites it 2× “See Mich.Comp.Laws Ann. § 440.9402(5). The security interests in question in the Skyland and National Welding appeals were both properly perfected.”
Robbins v. Production Credit Ass'n of Lansing (In Re Walkington) (1986) miwb · cites it 2× “§ 440.9402(7)] by adopting the 1972 U.C.C.”
Pillsbury Co. v. Herbolsheimer (In Re Herbolsheimer) (1985) mieb · cites it 5× “§ 440.9402, Official Comment, Par. 2 (1962 Text); In re Kalamazoo Steel Process, Inc.”
Boyd v. NBD Bank (In Re Thomas) (1999) miwb · cites it 2× “See Mich.Comp.Laws Ann. § 440.9402(8) (“A financing statement substantially complying with the requirements of this section is effective even though it contains minor errors which are not seriously misleading.”
NBD-Sandusky Bank v. Ritter (1989) michctapp · cites it 2× “Further, filing of the financing statement was accomplished *593 before August 15, as permitted by MCL 440.9402(1); MSA 19.9402(1). John Deere's purchase money security interest was therefore perfected on August 15, the date the "debtor," Ritter, received "possession of the…”
Show all 27 citing cases →
— Mich. Comp. Laws § 440.9402(1) — 6 cases
Matter of Cliff's Ridge Skiing Corp. (1991) miwb “Mich.Comp.Laws Ann. § 440.9402(1). In addition, a financing statement covering fixtures or goods to become fixtures must: (6) state that it covers this type of collateral; (7) recite it is to be recorded in the real estate records; (8) contain a description of the real estate…”
NBD-Sandusky Bank v. Ritter (1989) michctapp “Further, filing of the financing statement was accomplished *593 before August 15, as permitted by MCL 440.9402(1); MSA 19.9402(1). John Deere's purchase money security interest was therefore perfected on August 15, the date the "debtor," Ritter, received "possession of the…”
International Harvester Credit Corp. v. Vos (1980) michctapp
Continental Oil Co. v. Citizens Trust & Savings Bank (1974) michctapp “See MCLA 440.9402; MSA 19.9402-form 1. In June of 1966, debtor amended its articles of incorporation and changed its corporate name to Blossom Trail Growers, Inc.”
Shinville Leasing, Inc. v. Miller Equipment Co. (In Re Shinville Leasing, Inc.) (1985) miwb
— Mich. Comp. Laws § 440.9402(14) — 1 case
Grabscheid v. Calvert Sales, Inc. (1993) mied
— Mich. Comp. Laws § 440.9402(15) — 1 case
Grabscheid v. Calvert Sales, Inc. (1993) mied
— Mich. Comp. Laws § 440.9402(4) — 1 case
Pillsbury Co. v. Herbolsheimer (In Re Herbolsheimer) (1985) mieb “§ 440.9402, Official Comment, Par. 2 (1962 Text); In re Kalamazoo Steel Process, Inc.”
— Mich. Comp. Laws § 440.9402(5) — 5 cases
Continental Oil Co. v. Citizens Trust & Savings Bank (1976) mich “II —Duty Under the Code of a Secured Creditor Where the Debtor Subsequently Changes Its Name a) Duty Imposed Under MCLA 440.9402; MSA 19.9402. The formal requisites for perfection of a security interest through the filing of a financing statement are laid out in MCLA 440.”
Matter of Cliff's Ridge Skiing Corp. (1991) miwb “Mich.Comp.Laws Ann. § 440.9402(1). In addition, a financing statement covering fixtures or goods to become fixtures must: (6) state that it covers this type of collateral; (7) recite it is to be recorded in the real estate records; (8) contain a description of the real estate…”
In Re National Welding of Michigan, Inc. (1986) miwd “See Mich.Comp.Laws Ann. § 440.9402(5). The security interests in question in the Skyland and National Welding appeals were both properly perfected.”
Peterson v. Old Kent Bank & Trust Co. (In Re Beefeaters, Inc.) (1983) miwb “§ 440.9402(5) ] generally. In his brief filed on July 2, 1982, the trustee specifically set forth all the arguments he now raised.”
Continental Oil Co. v. Citizens Trust & Savings Bank (1974) michctapp “See MCLA 440.9402; MSA 19.9402-form 1. In June of 1966, debtor amended its articles of incorporation and changed its corporate name to Blossom Trail Growers, Inc.”
— Mich. Comp. Laws § 440.9402(6) — 4 cases
Matter of Cliff's Ridge Skiing Corp. (1991) miwb “Mich.Comp.Laws Ann. § 440.9402(1). In addition, a financing statement covering fixtures or goods to become fixtures must: (6) state that it covers this type of collateral; (7) recite it is to be recorded in the real estate records; (8) contain a description of the real estate…”
In Re Damon J. And Regina M. Kroskie, Debtors. James W. Boyd, Chapter 7 Trustee v. Chase Manhattan Mortgage Corporation (2003) ca6 “Because the UCC recognizes that a security interest in a fixture can be perfected by a mortgage on the subject real estate in lieu of an Article 9 financing statement, Mich. Comp. Laws § 440.9402 (6) (amended 2000), the district court determined that this alternative is equally…”
Chase Manhattan Mortgage Corp. v. Boyd (In re Damon J.) (2001) miwd
In Re Kroskie (2001) miwd
— Mich. Comp. Laws § 440.9402(6)(a) — 1 case
Matter of Cliff's Ridge Skiing Corp. (1991) miwb “Mich.Comp.Laws Ann. § 440.9402(1). In addition, a financing statement covering fixtures or goods to become fixtures must: (6) state that it covers this type of collateral; (7) recite it is to be recorded in the real estate records; (8) contain a description of the real estate…”
— Mich. Comp. Laws § 440.9402(7) — 3 cases
In Re Darling Lumber, Inc. (1986) mieb “The Michigan Supreme Court affirmed a decision of the appeals court holding that the bank’s interest was superior to Continental Oil’s notwithstanding the fact that the name of the debtor had changed substantially subsequent to the filing of the first financing statement.”
Robbins v. Production Credit Ass'n of Lansing (In Re Walkington) (1986) miwb “§ 440.9402(7)] by adopting the 1972 U.C.C.”
Industrial MacHinery & Equipment Co. v. Lapeer County Bank & Trust Co. (1995) michctapp
— Mich. Comp. Laws § 440.9402(8) — 4 cases
Boyd v. NBD Bank (In Re Thomas) (1999) miwb “See Mich.Comp.Laws Ann. § 440.9402(8) (“A financing statement substantially complying with the requirements of this section is effective even though it contains minor errors which are not seriously misleading.”
Peterson v. Old Kent Bank & Trust Co. (In Re Beefeaters, Inc.) (1983) miwb “§ 440.9402(5) ] generally. In his brief filed on July 2, 1982, the trustee specifically set forth all the arguments he now raised.”
Matter of Skyland, Inc. (1983) miwb
Industrial MacHinery & Equipment Co. v. Lapeer County Bank & Trust Co. (1995) michctapp
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