HOUSE BILL No. 4774


     May 15, 2001, Introduced by Rep. Richner and referred to the Committee on Commerce.


        A bill to amend 1962 PA 174, entitled

   "Uniform commercial code,"

   by amending section 9311 (MCL 440.9311), as amended by 2000 PA

   348.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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           Sec. 9311.  (1) Except as otherwise provided in subsection

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      (4), the filing of a financing statement is not necessary or

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      effective to perfect a security interest in property subject to 1

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      or more of the following:

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           (a) A statute, regulation, or treaty of the United States

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      whose requirements for a security interest's obtaining priority

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      over the rights of a lien creditor with respect to the property

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      preempt section 9310(1).

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           (b) The following statutes of this state:




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           (i) Chapter II of the Michigan vehicle code, 1949 PA 300,

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      MCL 257.201 to 257.259.

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           (ii) Part 803 of the natural resources and environmental

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      protection act, 1994 PA 451, MCL 324.80301 to 324.80322.

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           (iii) Part 811 of the natural resources and environmental

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      protection act, 1994 PA 451, MCL 324.81101 to 324.81150.

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           (iv) Sections 30 through 30h of the mobile home commission

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      act, 1987 PA 96, MCL 125.2330 to 125.2330h.

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           (c) A certificate-of-title statute of another jurisdiction

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      which provides for a security interest to be indicated on the

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      certificate as a condition or result of the security interest's

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      obtaining priority over the rights of a lien creditor with

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      respect to the property.

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           (2) Compliance with  the requirements of  a statute, regula-

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      tion, or treaty described in subsection (1)  for obtaining prior-

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      ity over the rights of a lien creditor  is equivalent to the

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      filing of a financing statement under this article.  Except as

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      otherwise provided in subsection (4) and sections 9313 and

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      9316(4) and (5) for goods covered by a certificate of title, a

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      security interest in property subject to a statute, regulation,

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      or treaty described in subsection (1) may be perfected only by

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      compliance with  those requirements  THE STATUTE, REGULATION, OR

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      TREATY, and a security interest so perfected remains perfected

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      notwithstanding a change in the use or transfer of possession of

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      the collateral.

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           (3) Except as otherwise provided in subsection (4) and

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      section 9316(4) and (5), duration and renewal of perfection of a



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      security interest perfected by compliance with  the requirements

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      prescribed by  a statute, regulation, or treaty described in sub-

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      section (1) are governed by the statute, regulation, or treaty.

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      In other respects, the security interest is subject to this

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      article.

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           (4) During any period in which collateral subject to a stat-

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      ute specified in subsection (1)(b) is inventory held for sale or

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      lease by a person or leased by that person as lessor and that

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      person is in the business of selling goods of that kind, this

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      section does not apply to a security interest in that collateral

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      created by that person.

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           Enacting section 1.  This amendatory act takes effect July

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      1, 2001.































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