Michigan Compiled Laws

Mich. Comp. Laws § 440.9622 (2026)

Effect of acceptance of collateral.

✓ current as of July 2026

Find cases: SyfertCases citing this section MI-LEGlegislature.mi.gov JustiaChapter on Justia CornellLII Search CasesGoogle Scholar

UNIFORM COMMERCIAL CODE

Act 174 of 1962

440.9622 Effect of acceptance of collateral.

Sec. 9622.

(1) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures does all of the following:

(a) Discharges the obligation to the extent consented to by the debtor.

(b) Transfers to the secured party all of a debtor's rights in the collateral.

(c) Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien.

(d) Terminates any other subordinate interest.

(2) A subordinate interest is discharged or terminated under subsection (1), even if the secured party fails to comply with this article.

History: Add. 2000, Act 348, Eff. July 1, 2001

Notes of Decisions

Cited in 2 cases, 2010–2016 · leading case: Boyd v. Direct Capital Corp. (In Re Pizzano), 439 B.R. 445 (Bankr. W.D. Mich. 2010).

Sort: Relevance Newest Treatment

Boyd v. Direct Capital Corp. (In Re Pizzano), 439 B.R. 445 (Bankr. W.D. Mich. 2010). “§ 440.9622 (acceptance of collateral transfers debtor’s interest); see also In re Sanders, 291 B.”

Agri-Sci. Tech. LLC v. Greiner's Green Acres Inc (Mich. Ct. App. 2016). · cites it 2× “[MCL 440.9622 (emphasis added).] But if another party holding a security interest is damaged by the secured party’s failure to comply with the UCC, the party who failed to comply may be liable to the other secured party for damages.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.