Statutes > Michigan Statutes > Chapter 440 - UNIFORM COMMERCIAL CODE > Act 174 of 1962 - UNIFORM COMMERCIAL CODE (440.1101 - 440.11102) > 174-1962-9 - ARTICLE 9 SECURED TRANSACTIONS (440.9101...440.9994) > 174-1962-9-3 - PART 3 PERFECT AND PRIORITY (440.9301...440.9342) > 174-1962-9-3-3. - SUBPART 3. PRIORITY (440.9317...440.9339) > Section 440.9332 - Transfer of money; transfer of funds from deposit account.

Section 440.9332 - Transfer of money; transfer of funds from deposit account.

UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962

440.9332 Transfer of money; transfer of funds from deposit account.

Sec. 9332.

(1) A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.

(2) A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party.


History: Add. 2000, Act 348, Eff. July 1, 2001