Section 124.755 – Acquisition of Property; Accepting Deed in Lieu of Foreclosure or Sale; Release of Tax Lien.
124.755 Acquisition of property; accepting deed in lieu of foreclosure or sale; release of tax lien. Sec. 5. (1) Except as provided in section 4(8), an authority may acquire by gift, devise, transfer, exchange, foreclosure, purchase, or otherwise on terms and conditions and in a manner the authority considers proper, real or personal property, or […]
Section 124.756 – Preservation of Property Value.
124.756 Preservation of property value. Sec. 6. (1) An authority may, without the approval of a local unit of government in which property held by the authority is located, control, hold, manage, maintain, operate, repair, lease as lessor, secure, prevent the waste or deterioration of, demolish, and take all other actions necessary to preserve the […]
Section 124.757 – Disposition of Property by Authority; Inventory and Classification of Property; Title Status and Suitability for Use; Recording Property Transfer.
124.757 Disposition of property by authority; inventory and classification of property; title status and suitability for use; recording property transfer. Sec. 7. (1) Except as an authority otherwise agrees by intergovernmental agreement or otherwise, on terms and conditions, and in a manner and for an amount of consideration an authority considers proper, fair, and valuable, […]
Section 124.758 – Receipt of Tax, Penalty, or Interest Payments; Return to Local Tax Collecting Unit; Retention of Proceeds.
124.758 Receipt of tax, penalty, or interest payments; return to local tax collecting unit; retention of proceeds. Sec. 8. (1) Money received by an authority as payment of taxes, penalties, or interest, or from the redemption or sale of property subject to a tax lien of any taxing unit shall be returned to the local […]
Section 124.759 – Expedited Quiet Title and Foreclosure Action; Procedure.
124.759 Expedited quiet title and foreclosure action; procedure. Sec. 9. (1) An authority may initiate an expedited quiet title and foreclosure action under this section to quiet title to real property held by the authority or interests in tax reverted property held by the authority by recording with the register of deeds in the county […]
Section 124.760 – Property as Site of Environmental Contamination; Information to Be Provided to Department of Environmental Quality; Property Subject to Certain Conditions; Liability.
124.760 Property as site of environmental contamination; information to be provided to department of environmental quality; property subject to certain conditions; liability. Sec. 10. (1) If an authority has reason to believe that property held by the authority may be the site of environmental contamination, the authority shall provide the department of environmental quality with […]
Section 124.761 – Waste of or Unlawful Removal of Property; Restraining Order.
124.761 Waste of or unlawful removal of property; restraining order. Sec. 11. (1) An authority may institute a civil action to prevent, restrain, or enjoin the waste of or unlawful removal of any property from tax reverted property or other real property held by the authority. (2) A circuit court may, on application, order the […]
Section 124.762 – Authority as Party to Civil Action.
124.762 Authority as party to civil action. Sec. 12. An authority shall be made a party to any action or proceeding instituted for the purpose of setting aside title to property held by the authority, the sale of property by the authority, or an expedited foreclosure under section 9. A hearing in any such proceeding […]
Section 124.763 – Property of Authority as Public Property.
124.763 Property of authority as public property. Sec. 13. Property of an authority is public property devoted to an essential public and governmental function and purpose. Income of the authority is considered to be for a public and governmental purpose. The property of the authority and its income and operation are exempt from all taxes […]
Section 124.764 – Construction, Intent, and Scope of Act.
124.764 Construction, intent, and scope of act. Sec. 14. (1) This act shall be construed liberally to effectuate the legislative intent and the purposes as complete and independent authorization for the performance of each and every act and thing authorized by this act, and all powers granted shall be broadly interpreted to effectuate the intent […]