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 […]
Section 554.1066 – Priority Subject to Subordination.
554.1066 Priority subject to subordination. Sec. 16. This act does not preclude subordination by agreement as to rents or proceeds. History: 2022, Act 115, Eff. Sept. 22, 2022
Section 554.1052 – Definitions.
554.1052 Definitions. Sec. 2. As used in this act: (a) “Assignee” means a person entitled to enforce an assignment of rents. Assignee includes the purchaser at a foreclosure sale by operation of law. (b) “Assignment of rents” means a transfer of an interest in rents in connection with an obligation secured by real property located […]
Section 554.1053 – Assignment; Notification; Method; Proper Address Rules.
554.1053 Assignment; notification; method; proper address rules. Sec. 3. (1) Except as otherwise provided in subsections (3) and (4), a person gives a notification or a copy of a notification under this act by doing either of the following: (a) Depositing it with the United States Postal Service or with a commercially reasonable delivery service, […]
Section 554.1054 – Assignment of Rents; Enforceable Security Interest; Discharge; Foreclosure; Applicability.
554.1054 Assignment of rents; enforceable security interest; discharge; foreclosure; applicability. Sec. 4. (1) An assignment of rents is created by an assignment in either an enforceable security instrument that grants a security interest in rents or a document that grants a security interest in rents which is signed in connection with an enforceable security instrument […]
Section 554.1055 – Recording With Register of Deeds; Perfected Security Interest; Priority.
554.1055 Recording with register of deeds; perfected security interest; priority. Sec. 5. (1) A document creating an assignment of rents may be submitted for recording to the register of deeds in the same manner as any other document evidencing a conveyance of an interest in real property. (2) Upon recording, the security interest in rents […]
Section 554.1056 – Assignment Enforcement Methods.
554.1056 Assignment enforcement methods. Sec. 6. (1) An assignee may enforce an assignment of rents using 1 or more of the methods specified in sections 7, 8, and 9 or any other method sufficient to enforce the assignment under law of this state other than this act. (2) From the first date of enforcement, the […]
Section 554.1051 – Short Title.
554.1051 Short title. Sec. 1. This act may be cited as the “Michigan uniform assignment of rents act”. History: 2022, Act 115, Eff. Sept. 22, 2022