STATE STATUTES & CODES
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MICHIGAN STATUTES AND CODES
Section 440.9509 - Persons entitled to file a record.
Act 174 of 1962
440.9509 Persons entitled to file a record.
Sec. 9509.
(1) A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if 1 of the following occurs:
(a) The debtor authorizes the filing in an authenticated record or pursuant to subsection (2) or (3).
(b) The person holds an agricultural lien that has become effective at time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.
(2) By authenticating or becoming bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering both of the following:
(a) The collateral described in the security agreement.
(b) Property that becomes collateral under section 9315(1)(b), whether or not the security agreement expressly covers proceeds.
(3) By acquiring collateral in which a security interest or agricultural lien continues under section 9315(1)(a), a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under section 9315(1)(b).
(4) A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if 1 of the following applies:
(a) The secured party of record authorizes the filing.
(b) The amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by section 9513(1) or (3), the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.
(5) If there is more than 1 secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (4).
History: Add. 2000, Act 348, Eff. July 1, 2001