Section 554.1067 – Promotion of Uniformity.
554.1067 Promotion of uniformity. Sec. 17. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History: 2022, Act 115, Eff. Sept. 22, 2022
Section 554.1068 – Electronic Signatures.
554.1068 Electronic signatures. Sec. 18. This act modifies, limits, or supersedes the electronic signatures in global and national commerce act, 15 USC 7001 to 7031, but does not modify, limit, or supersede 15 USC 7001(c), or authorize electronic delivery of any of the notices described in 15 USC 7003(b). History: 2022, Act 115, Eff. Sept. […]
Section 554.1069 – Applicability of Act.
554.1069 Applicability of act. Sec. 19. (1) Except as otherwise provided in this section, this act governs the enforcement of an assignment of rents and the perfection and priority of a security interest in rents, even if the document creating the assignment was signed and delivered before the effective date of this act. (2) This […]
Section 554.1070 – Repeal of Certain Acts.
554.1070 Repeal of certain acts. Sec. 20. The following acts are repealed: (a) 1925 PA 228, MCL 554.211 to 554.214. (b) 1953 PA 210, MCL 554.231 to 554.233. History: 2022, Act 115, Eff. Sept. 22, 2022
Section 554.1060 – Notification to Pay Rents to Person Other Than Landlord; Form.
554.1060 Notification to pay rents to person other than landlord; form. Sec. 10. No particular phrasing is required for the notification specified in section 9. However, the following form of notification, when properly completed, is sufficient to satisfy the requirements of section 9: NOTIFICATION TO PAY RENTS TO PERSON OTHER THAN LANDLORD Your landlord, ______________, […]
Section 554.1061 – Effect of Enforcement of Assignments of Rent.
554.1061 Effect of enforcement of assignments of rent. Sec. 11. The enforcement of an assignment of rents by 1 or more of the methods identified in sections 7, 8, and 9, the application of proceeds by the assignee under section 12 after enforcement, the payment of expenses under section 13, or an action under section […]
Section 554.1062 – Collection of Rent Proceeds; Use of Funds.
554.1062 Collection of rent proceeds; use of funds. Sec. 12. Unless otherwise agreed, an assignee that collects rents under this act or collects upon a judgment in an action under section 14(4) shall apply the sums collected in the following order: (a) To the assignee’s reasonable expenses of enforcing its assignment of rents, including, to […]
Section 554.1063 – Exception for Use of Collection of Rents; Protection of Rights.
554.1063 Exception for use of collection of rents; protection of rights. Sec. 13. (1) Unless otherwise agreed by the assignee, and subject to subsection (3), an assignee that collects rents following enforcement under section 8 or 9 need not apply them to the payment of expenses of protecting or maintaining the real property subject to […]
Section 554.1064 – “Good Faith” Defined; Collection by Assignor; Remedies; Priority.
554.1064 “Good faith” defined; collection by assignor; remedies; priority. Sec. 14. (1) In this section, “good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing. (2) If an assignor collects rents that the assignee is entitled to collect under this act, both of the following apply: (a) The assignor […]
Section 554.1065 – Perfection of Security Interests; Priority Rules in Article 9.
554.1065 Perfection of security interests; priority rules in article 9. Sec. 15. (1) As used in this section: (a) “Article 9” means article 9 of the uniform commercial code, 1962 PA 174, MCL 440.9101 to 440.9809, or, to the extent applicable to any particular issue, article 9 of the uniform commercial code as adopted by […]