{"data":{"id":"us-mi/mich.-comp.-laws-440.9621","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.9621","heading":"Notification of proposal to accept collateral.","body":"Sec. 9621.\n\nA secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to all of the following:\n\nAny person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral.\n\nAny other secured party or lienholder that, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that met all of the following:\n\nIdentified the collateral.\n\nWas indexed under the debtor's name as of that date.\n\nWas filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date.\n\nAny other secured party that, 10 days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in section 9311(1).\n\nA secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (1).","path":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-9621","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"502d607ec95aa8fb85c128c1b91cd6bfb6f8c2ef683ec3dacd65e2daa03f8f4e","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.9620","next":"us-mi/mich.-comp.-laws-440.9622"},"notice":"GroundRules: Original legal text. Not legal advice."}