Michigan § 460.10l - Agreement to transfer securitization property as true sale.
Full text of Michigan Michigan Compiled Laws § 460.10l — Agreement to transfer securitization property as true sale., with citation guidance and answers to common questions.
§ 460.10l. Agreement to transfer securitization property as true sale.
An agreement by an electric utility or assignee to transfer securitization property that expressly states that the transfer is a sale or other absolute transfer signifies that the transaction is a true sale and is not a secured transaction and that title, legal and equitable, has passed to the entity to which the securitization property is transferred.
A true sale under this section applies regardless of whether the purchaser has any recourse against the seller, or any other term of the parties' agreement, including the seller's retention of an equity interest in the securitization property, the fact that the electric utility acts as a collector of securitization charges relating to the securitization property, or the treatment of the transfer as a financing for tax, financial reporting, or other purposes.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 460.10l
What does Michigan Compiled Laws § 460.10l cover?
Section 460.10l ("Agreement to transfer securitization property as true sale.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 460.10l?
A common citation format is "Michigan Compiled Laws § 460.10l" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 460.10l apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.