[HISTORY: Adopted by the Tribal Council of the Nottawaseppi Huron Band of the Potawatomi 1-19-2008 by Res. No. 01-19-08-02 (Title IV, Ch. 1, of the Tribal Code). Amendments noted where applicable.]
Title. This chapter shall be known as the "Secured Transactions Ordinance."
Purpose. The purpose of this chapter is to recognize that under the law of the Nottawaseppi Huron Band of the Potawatomi (the "Tribe"), a federally recognized Indian tribe, except as otherwise provided in this chapter, secured parties shall have the same rights with respect to collateral, subject to the sovereign authority of Tribe, as would exist if all aspects of the security interest (including but not limited to its creation, attachment, perfection, and priority) had been governed by the Michigan UCC, without regard to the choice of law principles set forth therein.
In this chapter, the terms listed below have the following meanings:
- MICHIGAN UCC
- Articles 1, 8, and 9 of the Uniform Commercial Code as enacted in Chapter 440 of the Michigan Compiled Laws, as amended from time to time in accordance with the laws of Michigan.
- PLEDGED REVENUES
- All of a tribal party's money, earnings, income, and revenues (and any proceeds thereof), and all of the tribal party's rights to, and interest with respect to, receiving the foregoing before actual possession, whether in the form of money, deposit accounts, investments, accounts, instruments or other assets, and the proceeds thereof, in which a tribal party has granted a security interest to a secured party in a writing signed by the tribal party.
- TRIBAL LANDS
- All lands within the Tribe's reservation and all lands held by the United States in trust for the benefit of the Tribe or individual members of the Tribe over which the Tribe exercises jurisdiction.
- TRIBAL PARTY
- The Tribe and any division, subdivision, branch, department, board, committee, commission, agency, enterprise, instrumentality, or entity wholly owned or wholly controlled, directly or indirectly, by the Tribe, along with the successors and assigns of each.
Editor's Note: See MCLA § 440.1101 et seq.
Any undefined terms that are defined in the Michigan UCC are used in this chapter with the meanings that apply in the Michigan UCC.
This chapter shall apply to all security interests and collateral subject to the sovereign authority of the Tribe to the same extent provided in Section 440.9109 of the Michigan UCC, except that provisions of Sections 440.9109(3) and 440.9109(4)(m) of the Michigan UCC shall be ineffective to limit the application of the Michigan UCC in accordance with this chapter.
This chapter is intended to be a law, within the meaning of Section 440.9307(3) of the Michigan UCC, which generally requires information concerning the existence of a nonpossessory security interest to be made available in a filing, recording, or registration system as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral.
With respect to any security interest to which this chapter applies, except as provided elsewhere in this § 4.1-4, the rights and obligations of any person shall be governed by the Michigan UCC, including those rights and obligations related to enforcement of a security interest or arising after a default, including all filing requirements, which shall be done with the Secretary of State for the State of Michigan.
Except as provided elsewhere in this § 4.1-4, the perfection, effect of perfection or nonperfection, and priority of any security interest to which this chapter applies shall be determined in accordance with the Michigan UCC as if each debtor were (for purposes of Sections 440.9301 through 440.9307 of the Michigan UCC) located in the State of Michigan and as if the tribal lands were subject to the laws of the State of Michigan.
Notwithstanding any provision of the Michigan UCC or this chapter to the contrary, a security interest granted by a tribal party in pledged revenues shall be created and attach upon the giving of value and the granting of such security interest in a writing executed by that tribal party. Such security interest may be perfected only by the filing of an initial financing statement in the same manner and in the same location as if all of such pledged revenues were accounts.
No UCC financing statement shall be required to be filed with the Tribe or, nor shall any filing, if filed, be effective.
Once applicable to any security interest, this chapter shall remain in effect with respect to that security interest until all obligations secured thereby have been fully and finally discharged or otherwise fully satisfied, except that this chapter may be amended, with prior notice to each secured party, only to the extent such amendment is not adverse in any way to any secured party with respect to any security interest.
To the extent any provision of any law, ordinance, resolution, motion, or any other action of any tribal party heretofore taken is in conflict with any provision of this chapter, the provision of this chapter shall supersede and the conflicting provision shall be, and hereby is, repealed.
This chapter is effective upon the date of its enactment.
Nothing in this chapter shall waive or impair the Tribe's sovereign immunity or the sovereign immunity of any other tribal party.