Section 440.11102 - Continuation statement; transactions governed by code as amended; transactions entered into before effective date of amendatory act. - Michigan Statutes

UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962

440.11102 Continuation statement; transactions governed by code as amended; transactions entered into before effective date of amendatory act.

Sec. 11102.

(1) If a continuation statement signed by the debtor and secured party, and otherwise complying with the formal requirements of section 9403(3) of this act is filed or recorded by no later than 6 months after the effective date of this amendatory act, with the same filing or recording officer(s) as the original financing statement filed or recorded before the effective date of this amendatory act, stating that the provisions of this amendatory act shall govern the transaction and the rights, duties, and interests flowing therefrom and that the transaction shall be terminated, completed, consummated, or enforced as required or permitted under the provisions of the uniform commercial code as amended by this amendatory act, then the transaction shall be governed by the uniform commercial code as amended by this amendatory act.

(2) Except as provided in subsection (1), transactions validly entered into before the effective date of this amendatory act and the rights, duties, and interests flowing from them remain valid thereafter and may be terminated, completed, consummated, or enforced as required or permitted under the provisions of the uniform commercial code repealed or amended by the provisions of this amendatory act.

History: Add. 1978, Act 369, Eff. Jan. 1, 1979