UNIFORM COMMERCIAL CODE
Act 174 of 1962
440.9702 Savings clause.
Sec. 9702.
(1) Except as otherwise provided in this part, this amendatory act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this amendatory act takes effect.
(2) Except as otherwise provided in subsection (3) and sections 9703 through 9709, both of the following apply:
(a) Transactions and liens that were not governed by this article before this amendatory act takes effect, were validly entered into or created before this amendatory act takes effect, and would be subject to this amendatory act if they had been entered into or created after this amendatory act takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this amendatory act takes effect.
(b) The transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this amendatory act or by the law that otherwise would apply if this amendatory act had not taken effect.
(3) This amendatory act does not affect an action, case, or proceeding commenced before this amendatory act takes effect.
History: Add. 2000, Act 348, Eff. July 1, 2001
Notes of Decisions
Prime Fin. Servs. LLC v. Vinton, 761 N.W.2d 694 (Mich. Ct. App. 2008).
· cites it 2× “9702 [2001], that § 5 of prior Article 9 governed the default at issue because the agreements and actions at issue were made before 2001 — even though the plaintiff did not sue until after 2001), because Prime’s claims are common-law claims premised on the propriety of Bank…”
In Re New Haven Foundry, Inc., 285 B.R. 646 (Bankr. E.D. Mich. 2002).
· cites it 3× “MCLA § 440.9702. MCLA § 440.9709 provides: (1) This amendatory act determines the priority of conflicting claims to collateral.”
Riley v. Hewlett-Packard Co., 36 F. App'x 194 (6th Cir. 2002).
“Michigan revised its version of Article 9 in 2000 to reflect a new version of UCC Article 9; these changes became effective July 1, 2001 while appeal in this case was pending.”
Richardson v. Countrywide Home Loans (In Re Gregory), 316 B.R. 82 (Bankr. W.D. Mich. 2004).
· cites it 4× “Mich. Comp. Laws Ann. § 440.9702 (3). The Kroskies’ Chapter 7 proceeding was commenced on November 18, 1999 and the Chapter 7 trustee’s adversary proceeding against Chase Manhattan was commenced on May 11, 2000.”
— Mich. Comp. Laws § 440.9702(1) — 1 case
Prime Fin. Servs. LLC v. Vinton, 761 N.W.2d 694 (Mich. Ct. App. 2008).
“9702 [2001], that § 5 of prior Article 9 governed the default at issue because the agreements and actions at issue were made before 2001 — even though the plaintiff did not sue until after 2001), because Prime’s claims are common-law claims premised on the propriety of Bank…”
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