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 554.1038 – 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 […]
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 […]