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In General. §5.2 MCL 440.9322 states the general rule that the first secured party to file a financing statement covering the collateral or to otherwise perfect will have priority over competing security interests.
The law of secured transactions consists of five principal components: (1) the nature of property that can be the subject of a security interest; (2) the methods of creating the security interest; (3) the perfection of the security interest against claims of others; (4) priorities among secured and unsecured creditors? ... Introduction to Secured Transactions github.io ? s22-01-introduction-to-se... github.io ? s22-01-introduction-to-se...
Your failure to perfect a security interest may result in a secured creditor with a blanket lien or a bankruptcy trustee or debtor-in-possession obtaining title to your property. Creditors' Rights Law Alert: Make Sure Your Security Interests are in Place ... hancocklaw.com ? publications ? creditors-r... hancocklaw.com ? publications ? creditors-r...
If two or more creditors are properly perfected, then the priorities among such competing secured creditors is spelled out in the UCC, but the general rule is that the first to perfect has priority, whether the competing security interests and liens are consensual or nonconsensual. Security Interests and Liens Priorities | Blank Rome blankrome.com ? sites ? default ? files ? sec... blankrome.com ? sites ? default ? files ? sec...
Article 9's rules for perfection reflect both principles. There are five basic methods of perfection: (1) filing a financing statement; (2) using an alternative filing system; (3) possession; (4) control; and (5) automatic perfection upon attachment. UCC- 9: CREATION, ENFORCEMENT, PERFECTION, AND PRIORITY ... hcmp.com ? uploads ? pdf ? reducedsizeadr... hcmp.com ? uploads ? pdf ? reducedsizeadr...