445.619 Moldbuilder; lien; requirements.

299 words·~1 min read·/mi/chapter-445/445-619

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 9.

(1)A moldbuilder shall permanently record on every die, mold, or form that the moldbuilder fabricates, repairs, or modifies the moldbuilder's name, street address, city, and state.

(2)A moldbuilder shall file a financing statement in accordance with the requirements of section 9502 of the uniform commercial code, 1962 PA 174, MCL 440.9502.

(3)A moldbuilder has a lien on any die, mold, or form identified pursuant to subsection (1). The amount of the lien is the amount that a customer or molder owes the moldbuilder for the fabrication, repair, or modification of the die, mold, or form. The information that the moldbuilder is required to record on the die, mold, or form under subsection

(1)and the financing statement required under subsection

(2)shall constitute actual and constructive notice of the moldbuilder's lien on the die, mold, or form.

(4)The moldbuilder's lien attaches when actual or constructive notice is received. The moldbuilder retains the lien that attaches under this section even if the moldbuilder is not in physical possession of the die, mold, or form for which the lien is claimed.

(5)The lien remains valid until the first of the following events takes place:

(a)The moldbuilder is paid the amount owed by the customer or molder.

(b)The customer receives a verified statement from the molder that the molder has paid the amount for which the lien is claimed.

(c)The financing statement is terminated.

(6)The priority of a lien created under this act on the same die, mold, or form shall be determined by the time the lien attaches. The first lien to attach shall have priority over liens that attach subsequent to the first lien.

History: Add. 2002, Act 17 , Imd. Eff. Mar. 1, 2002