Mich. Comp. Laws § 440.9605

Current through Public Act 151 of the 2024 Legislative Session

Section 440.9605 - Unknown debtor or secondary obligor

A secured party does not owe a duty based on its status as secured party to either of the following:

(a) To a person that is a debtor or obligor, unless the secured party knows all of the following:

(i) That the person is a debtor or obligor.

(ii) The identity of the person.

(iii) How to communicate with the person.

(b) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows both of the following:

(i) That the person is a debtor.

(ii) The identity of the person.

MCL 440.9605

Add. 2000, Act 348, Eff. 7/1/2001.