Section 440.9511 - Secured party of record.
UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962
440.9511 Secured party of record.
Sec. 9511.
(1) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under section 9514(1), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.
(2) If an amendment of a financing statement that provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under section 9514(2), the assignee named in the amendment is a secured party of record.
(3) A person remains a secured party of record until the filing of an amendment of the financing statement that deletes the person.
History: Add. 2000, Act 348, Eff. July 1, 2001