Michigan Compiled Laws, Chapter 440. Uniform Commercial Code § 440.9507

Sec. 9507. (1) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.

(2) Except as otherwise provided in subsection (3) and section 9508,  1 a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under section 9506.  2

(3) If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under section 9503(1)  3 so that the financing statement becomes seriously misleading under section 9506, both of the following apply: