Michigan § 440.9703 - Security interest perfected before effective date.
Full text of Michigan Michigan Compiled Laws § 440.9703 — Security interest perfected before effective date., with citation guidance and answers to common questions.
§ 440.9703. Security interest perfected before effective date.
A security interest that is enforceable immediately before this amendatory act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this amendatory act if, when this amendatory act takes effect, the applicable requirements for enforceability and perfection under this amendatory act are satisfied without further action.
Except as otherwise provided in section 9705, if, immediately before this amendatory act takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this amendatory act are not satisfied when this amendatory act takes effect, all of the following apply to the security interest:
The security interest is a perfected security interest for 1 year after this amendatory act takes effect.
The security interest remains enforceable thereafter only if the security interest becomes enforceable under section 9203 before the year expires.
The security interest remains perfected thereafter only if the applicable requirements for perfection under this amendatory act are satisfied before the year expires.
Frequently Asked Questions About Michigan § 440.9703
What does Michigan Compiled Laws § 440.9703 cover?
Section 440.9703 ("Security interest perfected before effective date.") 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 § 440.9703?
A common citation format is "Michigan Compiled Laws § 440.9703" (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 § 440.9703 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.