Section 565.893 – Lien as Void.
565.893 Lien as void. Sec. 3. Any lien purporting to secure the payment of a transfer fee under a transfer fee covenant that is executed on or after the effective date of this section is void. History: 2011, Act 35, Imd. Eff. May 24, 2011
Section 565.894 – Action to Clear Title; Other Equitable Relief; Attorney Fees and Costs.
565.894 Action to clear title; other equitable relief; attorney fees and costs. Sec. 4. (1) Any person aggrieved by the imposition of a transfer fee, whether the original or subsequent transferee or purchaser, may bring an action to clear the title and void the transfer fee and for other equitable relief. (2) In a successful […]
Section 565.901 – Definitions.
565.901 Definitions. Sec. 1. As used in this act: (a) “Future advance” means an indebtedness or other obligation that is secured by a mortgage and arises or is incurred after the mortgage has been recorded, whether or not the future advance was obligatory or optional on the part of the mortgagee. (b) “Future advance mortgage” […]
Section 565.902 – Priority of Future Advance Mortgage.
565.902 Priority of future advance mortgage. Sec. 2. Except as otherwise provided by this act, a future advance mortgage securing a future advance shall have priority with respect to the future advance as if the future advance was made at the time the future advance mortgage was recorded. History: 1990, Act 348, Eff. Apr. 1, […]
Section 565.903 – Priority of Recorded Mortgage Amended to Become Future Advance Mortgage.
565.903 Priority of recorded mortgage amended to become future advance mortgage. Sec. 3. Except as otherwise provided by this act, if a recorded mortgage has been or is amended to become a future advance mortgage, it shall have priority with respect to a future advance secured by the mortgage as if the future advance was […]
Section 565.903a – Priority of Residential Future Advance Mortgage.
565.903a Priority of residential future advance mortgage. Sec. 3a. (1) Sections 2 and 3 do not apply to a residential future advance mortgage, except to the extent the mortgage secures a protective advance unless there are set forth in a conspicuous manner on the first page of the mortgage or on the first page of […]
Section 565.881 – Definitions.
565.881 Definitions. Sec. 1. As used in this act: (a) “Transfer fee” means a fee or charge payable upon the subsequent sale, gift, conveyance, assignment, inheritance, or other transfer of an ownership interest in nonresidential real property located in this state, or payable for the right to make or accept such a transfer, regardless of […]
Section 565.882 – Transfer Fee Covenant; Effect.
565.882 Transfer fee covenant; effect. Sec. 2. A transfer fee covenant that is executed on or after the effective date of this section, whether or not recorded, does not run with the title to real property and is not binding on or enforceable against any subsequent owner, purchaser, or mortgagee of any interest in the […]
Section 565.865 – Discharge of Prohibited Restrictions; Form.
565.865 Discharge of prohibited restrictions; form. Sec. 5. A discharge of prohibited restriction form may be recorded with the register of deeds for the county where the property is located. A discharge form recorded under this section must substantially conform to the following form: “DISCHARGE OF PROHIBITED RESTRICTION The document recorded at Liber ____ Page […]
Section 565.866 – Homeowners’ or Property Owners’ Association; Authority to Discharge a Prohibited Restriction; Requirements; Execution; Recording With Register of Deeds.
565.866 Homeowners’ or property owners’ association; authority to discharge a prohibited restriction; requirements; execution; recording with register of deeds. Sec. 6. (1) A homeowners’ or property owners’ association, acting through a simple majority vote of its board, may record a discharge form to remove any prohibited restriction in a deed or other instrument that affects […]