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 554.1054 – 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 554.1036 – Uniformity of Law.
554.1036 Uniformity of law. Sec. 26. 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: 2018, Act 16, Eff. May 7, 2018
Section 554.1037 – Electronic Signatures in Global and National Commerce Act.
554.1037 Electronic signatures in global and national commerce act. Sec. 27. 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). […]
Section 554.1038 – Receiver Appointed Before Effective Date of Act.
554.1038 Receiver appointed before effective date of act. Sec. 28. This act does not apply to a receivership for which the receiver was appointed before the effective date of this act. History: 2018, Act 16, Eff. May 7, 2018