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Code · Michigan · Chapter 440 — Uniform Commercial Code

440.9332 Transfer of money; transfer of funds from deposit account.

90 words·~1 min read·/mi/chapter-440/440-9332

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440.9332 Transfer of money; transfer of funds from deposit account.
Sec. 9332.
(1)A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
(2)A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
History: Add. 2000, Act 348 , Eff. July 1, 2001
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