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 554.1057 – Appointment of Receiver; Petition; Priority of Receivers.
554.1057 Appointment of receiver; petition; priority of receivers. Sec. 7. (1) An assignee is entitled to the appointment of a receiver for the real property subject to the assignment of rents if either of the following applies: (a) The assignor is in default and any of the following apply: (i) The assignor has agreed in […]
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
Section 554.1040 – Effective Date.
554.1040 Effective date. Sec. 30. This act takes effect 90 days after the date it is enacted into law. History: 2018, Act 16, Eff. May 7, 2018
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
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 […]