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 554.1026 – “Good Faith” Defined; Use or Transfer of Receivership Property Not in Ordinary Course of Business.
554.1026 “Good faith” defined; use or transfer of receivership property not in ordinary course of business. Sec. 16. (1) As used in this section, “good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing. (2) With court approval, a receiver may use receivership property other than in the ordinary […]
Section 554.1027 – “Timeshare Interest” Defined; Executory Contract.
554.1027 “Timeshare interest” defined; executory contract. Sec. 17. (1) As used in this section, “timeshare interest” means either of the following, as applicable: (a) Unless subdivision (b) applies, an interest having a duration of more than 3 years that grants its holder the right to use and occupy an accommodation, facility, or recreational site, whether […]
Section 554.1028 – Defenses and Immunities of Receiver.
554.1028 Defenses and immunities of receiver. Sec. 18. (1) A receiver is entitled to all defenses and immunities provided by law of this state other than this act for an act or omission within the scope of the receiver’s appointment. (2) Leave of the appointing court must be obtained before the institution of any action […]
Section 554.1029 – Quarterly Interim Report of Receiver.
554.1029 Quarterly interim report of receiver. Sec. 19. Except as otherwise ordered by the court for cause, a receiver shall file quarterly interim reports that include all of the following: (a) The activities of the receiver since appointment or a previous report. (b) Receipts and disbursements, including a payment made or proposed to be made […]
Section 554.1030 – Notice of Order Governing Appointment; Notice to All Creditors; Claim; Distribution of Receivership Property.
554.1030 Notice of order governing appointment; notice to all creditors; claim; distribution of receivership property. Sec. 20. (1) Within 7 days after the receipt by the receiver of the list required under section 13(1)(d), the receiver shall provide all creditors and any other known interested parties with notice and a copy of any order governing […]
Section 554.1031 – Fees and Expenses.
554.1031 Fees and expenses. Sec. 21. (1) The court may award a receiver from receivership property the reasonable and necessary fees and expenses of performing the duties of the receiver and exercising the powers of the receiver. (2) The court may order 1 or more of the following to pay the reasonable and necessary fees […]