Michigan § 440.9206 - Security interest arising in purchase or delivery of financial asset.
Full text of Michigan Michigan Compiled Laws § 440.9206 — Security interest arising in purchase or delivery of financial asset., with citation guidance and answers to common questions.
§ 440.9206. Security interest arising in purchase or delivery of financial asset.
A security interest in favor of a securities intermediary attaches to a person's security entitlement if the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase, and the securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.
The security interest described in subsection (1) secures the person's obligation to pay for the financial asset.
A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if both of the following are met:
The security or other financial asset in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment, and is delivered under an agreement between persons in the business of dealing with the securities or financial assets.
The agreement calls for delivery against payment.
The security interest described in subsection (3) secures the obligation to make payment for the delivery.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 440.9206
What does Michigan Compiled Laws § 440.9206 cover?
Section 440.9206 ("Security interest arising in purchase or delivery of financial asset.") 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 § 440.9206?
A common citation format is "Michigan Compiled Laws § 440.9206" (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 § 440.9206 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.