HB-4454, As Passed Senate, May 12, 2005
March 3, 2005, Introduced by Rep. Hune and referred to the Committee on Banking and Financial Services.
A bill to amend 1962 PA 174, entitled
"Uniform commercial code,"
by amending section 9311 (MCL 440.9311), as amended by 2001 PA 145.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 9311. (1) Except as otherwise provided in subsection (4),
the filing of a financing statement is not necessary or effective
to perfect a security interest in property subject to 1 or more of
the following:
(a) A statute, regulation, or treaty of the United States
whose requirements for a security interest's obtaining priority
over the rights of a lien creditor with respect to the property
preempt section 9310(1).
(b) The following statutes of this state:
(i) Chapter II of the Michigan vehicle code, 1949 PA 300, MCL
257.201 to 257.259.
(ii) Part 803 of the natural resources and environmental
protection act, 1994 PA 451, MCL 324.80301 to 324.80322.
(iii) Part 811 of the natural resources and environmental
protection act, 1994 PA 451, MCL 324.81101 to 324.81150.
(iv) Sections 30 through 30h 30i of
the mobile home commission
act,
1987 PA 96, MCL 125.2330 to 125.2330h 125.2330i.
(c)
A certificate-of-title statute of another jurisdiction
which
that provides for a security
interest to be indicated on the
certificate as a condition or result of the security interest's
obtaining priority over the rights of a lien creditor with respect
to the property.
(2) Compliance with the requirements of a statute, regulation,
or treaty described in subsection (1) for obtaining priority over
the rights of a lien creditor is equivalent to the filing of a
financing statement under this article. Except as otherwise
provided in subsection (4) and sections 9313 and 9316(4) and (5)
for goods covered by a certificate of title, a security interest in
property subject to a statute, regulation, or treaty described in
subsection
(1) may be perfected only by compliance with the
statute,
regulation, or treaty those requirements, and a security
interest so perfected remains perfected notwithstanding a change in
the use or transfer of possession of the collateral.
(3) Except as otherwise provided in subsection (4) and section
9316(4) and (5), duration and renewal of perfection of a security
interest perfected by compliance with the requirements prescribed
by a statute, regulation, or treaty described in subsection (1) are
governed by the statute, regulation, or treaty. In other respects,
the security interest is subject to this article.
(4) During any period in which collateral subject to a statute
specified in subsection (1)(b) is inventory held for sale or lease
by a person or leased by that person as lessor and that person is
in the business of selling goods of that kind, this section does
not apply to a security interest in that collateral created by that
person.