Section 570.590 – Condition Prohibiting Compensation; Release of Lien.
570.590 Condition prohibiting compensation; release of lien. Sec. 10. If a claim of lien has been recorded under this act and a condition occurs that prohibits the real estate broker from receiving compensation under the terms of the written agreement on which the claim is based, the real estate broker shall provide a release of […]
Section 570.591 – Payment of Claim or Failure to Commence Action; Release of Lien.
570.591 Payment of claim or failure to commence action; release of lien. Sec. 11. If a claim of lien recorded under this act has been paid, or if an action to enforce the lien has not been commenced within the time limitations of section 7, the real estate broker shall record a release of lien […]
Section 570.592 – Partial Payment of Lien Claim; Partial Satisfaction and Release of Lien; Form.
570.592 Partial payment of lien claim; partial satisfaction and release of lien; form. Sec. 12. (1) If a claim of lien recorded under this act has been partially paid, the real estate broker shall provide a partial satisfaction and release of lien in the form provided in subsection (2) within 5 days after written demand […]
Section 570.593 – Priority of Subsequently Recorded Mortgage; Condition.
570.593 Priority of subsequently recorded mortgage; condition. Sec. 13. A subsequently recorded mortgage has priority over a commercial real estate broker’s lien if the mortgagee did not have actual or constructive knowledge of the lien at the time the mortgagee advanced money under the mortgage. History: 2010, Act 201, Imd. Eff. Oct. 5, 2010
Section 570.594 – Written Commission Agreement Signed After Effective Date of Act; Applicability.
570.594 Written commission agreement signed after effective date of act; applicability. Sec. 14. This act applies to a written commission agreement signed after the effective date of this act. History: 2010, Act 201, Imd. Eff. Oct. 5, 2010
Section 570.587 – Commencement of Action; Time Period.
570.587 Commencement of action; time period. Sec. 7. (1) An action under section 6 shall be commenced within 1 year after the date the commercial real estate broker’s lien attaches. (2) Failure to commence an action within the applicable time period under this section extinguishes the lien. A later claim of lien for the same […]
Section 570.588 – Sale of Interest in Commercial Real Estate; Court Order; Order of Foreclosure; Period of Redemption; Order of Deficiency Judgment; Costs.
570.588 Sale of interest in commercial real estate; court order; order of foreclosure; period of redemption; order of deficiency judgment; costs. Sec. 8. (1) If the court in an action under section 6 finds that the plaintiff is entitled to the commercial real estate lien and that the amount claimed has not been paid, the […]
Section 570.589 – Written Demand on Behalf of Owner of Commercial Real Estate; Service.
570.589 Written demand on behalf of owner of commercial real estate; service. Sec. 9. A written demand on behalf of the owner of commercial real estate may be served on a person claiming a commercial real estate broker’s lien, demanding that an action be commenced to enforce the lien or that an answer be filed […]
Section 570.581 – Short Title.
570.581 Short title. Sec. 1. This act shall be known and may be cited as the “commercial real estate broker’s lien act”. History: 2010, Act 201, Imd. Eff. Oct. 5, 2010
Section 570.582 – Definitions.
570.582 Definitions. Sec. 2. As used in this act: (a) “Buyer” means a purchaser or lessee of a legal or equitable interest in real estate. (b) “Claim of lien” means a claim of a commercial real estate broker’s lien asserted under this act. (c) “Commercial real estate” means real estate or an interest in real […]