reglab/housing_qa huggingface dataset:
MI Comp L § 565.903a (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 348 of 1990 - Priority of Mortgages (565.901 - 565.906)|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 an amendment to the mortgage both of the following statements:  (a) "This is a future advance mortgage".  (b) A statement of the maximum principal amount, excluding protective advances, that may be secured by the mortgage.  (2) For purposes of subsection (1), a printed heading in capitals is conspicuous, and language in the body of a mortgage or amendment to a mortgage is conspicuous if it is in larger or other contrasting type.  (3) Except as provided in subsection (4), if a residential future advance mortgage is amended to contain the statements required in subsection (1), then the mortgage has priority with respect to a future advance secured by the mortgage as if the future advance were made at the time the amendment was recorded.  (4) Notwithstanding subsections (1) and (3), if a residential future advance mortgage was recorded before the effective date of the amendatory act that added this section, and if another mortgage, lien, or other interest in the property was recorded after the residential future advance mortgage was recorded, after March 31, 1991, and before the effective date of the amendatory act that added this section, then the residential future advance mortgage has priority, in accordance with sections 2 and 3, with respect to a future advance secured by the mortgage, over the other mortgage, lien, or other interest, even though the residential future advance mortgage does not contain the statements described in subsection (1). If a mortgage is amended to become a residential future advance mortgage, then for purposes of this subsection the mortgage is considered to have been recorded at the time the amendment was recorded.  (5) If sections 2 and 3 do not apply to a residential future advance mortgage with respect to a future advance secured by the mortgage, then the priority of the mortgage with respect to the advance shall be determined by the law that would have applied in the absence of this act, except as provided in subsection (4). History: Add. 1992, Act 35, Eff. July 1, 1992
MI Comp L § 565.904 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 348 of 1990 - Priority of Mortgages (565.901 - 565.906)|Section 565.904 - Priority of Future Advance Mortgage Over Another Interest in Property Recorded Prior to April 1, 1991.

565.904 Priority of future advance mortgage over another interest in property recorded prior to April 1, 1991. Sec. 4.  This act does not give a future advance mortgage priority over another mortgage, lien, or other interest in the property that was recorded prior to April 1, 1991 if the other mortgage, lien, or other interest in the property would have had priority in the absence of this act. History: 1990, Act 348, Eff. Apr. 1, 1991 ;-- Am. 1992, Act 35, Eff. July 1, 1992
MI Comp L § 565.905 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 348 of 1990 - Priority of Mortgages (565.901 - 565.906)|Section 565.905 - Applicability of Act.

565.905 Applicability of act. Sec. 5.  This act does not apply to the extent that priority is governed by section 119 of the construction lien act, Act No. 497 of the Public Acts of 1980, being section 570.1119 of the Michigan Compiled Laws, or by section 29 of Act No. 122 of the Public Acts of 1941, being section 205.29 of the Michigan Compiled Laws. History: 1990, Act 348, Eff. Apr. 1, 1991
MI Comp L § 565.906 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 348 of 1990 - Priority of Mortgages (565.901 - 565.906)|Section 565.906 - Effective Date.

565.906 Effective date. Sec. 6.  This act shall take effect April 1, 1991. History: 1990, Act 348, Eff. Apr. 1, 1991
MI Comp L § 565.951 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.951 - Short Title.

565.951 Short title. Sec. 1.  This act shall be known and may be cited as the "seller disclosure act". History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.952 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.952 - Applicability of Seller Disclosure Requirements.

565.952 Applicability of seller disclosure requirements. Sec. 2.  The seller disclosure requirements of sections 4 to 13 apply to the transfer of any interest in real estate consisting of not less than 1 or more than 4 residential dwelling units, whether by sale, exchange, installment land contract, lease with an option to purchase, any other option to purchase, or ground lease coupled with proposed improvements by the purchaser or tenant, or a transfer of stock or an interest in a residential cooperative. History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.953 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.953 - Seller Disclosure Requirements; Exceptions.

565.953 Seller disclosure requirements; exceptions. Sec. 3.  The seller disclosure requirements of sections 4 to 13 do not apply to any of the following:  (a) Transfers pursuant to court order, including, but not limited to, transfers ordered by a probate court in administration of an estate, transfers pursuant to a writ of execution, transfers by any foreclosure sale, transfers by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance.  (b) Transfers to a mortgagee by a mortgagor or successor in interest who is in default, or transfers to a beneficiary of a deed of trust by a trustor or successor in interest who is in default.  (c) Transfers by a sale under a power of sale or any foreclosure sale under a decree of foreclosure after default in an obligation secured by a mortgage or deed of trust or secured by any other instrument containing a power of sale, or transfers by a mortgagee or a beneficiary under a deed of trust who has acquired the real property at a sale conducted pursuant to a power of sale under a mortgage or deed of trust or a sale pursuant to a decree of foreclosure or has acquired the real property by a deed in lieu of foreclosure.  (d) Transfers by a nonoccupant fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust.  (e) Transfers from 1 co-tenant to 1 or more other co-tenants.  (f) Transfers made to a spouse, parent, grandparent, child, or grandchild.  (g) Transfers between spouses resulting from a judgment of divorce or a judgment of separate maintenance or from a property settlement agreement incidental to such a judgment.  (h) Transfers or exchanges to or from any governmental entity.  (i) Transfers made by a person licensed under article 24 of Act No. 299 of the Public Acts of 1980, being sections 339.2401 to 339.2412 of the Michigan Compiled Laws, of newly constructed residential property that has not been inhabited. History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.954 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.954 - Written Statement; Delivery; Time Limits; Compliance; Terminating Purchase Agreement Within Certain Time Limits; Expiration of Right to Terminate.

565.954 Written statement; delivery; time limits; compliance; terminating purchase agreement within certain time limits; expiration of right to terminate. Sec. 4.  (1) The transferor of any real property described in section 2 shall deliver to the transferor's agent or to the prospective transferee or the transferee's agent the written statement required by this act. If the written statement is delivered to the transferor's agent, the transferor's agent shall provide a copy to the prospective transferee or his or her agent. A written disclosure statement provided to a transferee's agent shall be considered to have been provided to the transferee. The written statement shall be delivered to the prospective transferee within the following time limits:  (a) In the case of a sale, before the transferor executes a binding purchase agreement with the prospective transferee.  (b) In the case of transfer by an installment sales contract where a binding purchase agreement has not been executed, or in the case of a lease together with an option to purchase or a ground lease coupled with improvements by the tenant, before the transferor executes the installment sales contract with the prospective transferee.  (2) With respect to any transfer subject to subsection (1), the transferor shall indicate compliance with this act either on the purchase agreement, the installment sales contract, the lease, or any addendum attached to the purchase agreement, contract, or lease, or on a separate document.  (3) Except as provided in subsection (4), if any disclosure or amendment of any disclosure required to be made by this act is delivered after the transferor executes a binding purchase agreement, the prospective transferee may terminate the purchase agreement by delivering written notice of termination to the transferor or the transferor's agent within the following time limits:  (a) Not later than 72 hours after delivery of the disclosure statement to the prospective transferee, if the disclosure statement was delivered to the prospective transferee in person.  (b) Not later than 120 hours after delivery of the disclosure statement to the prospective transferee, if the disclosure statement was delivered to the prospective transferee by registered mail.  (4) A transferee's right to terminate the purchase agreement expires upon the transfer of the subject property by deed or installment sales contract. History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.955 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.955 - Liability for Error, Inaccuracy, or Omission; Delivery as Compliance With Requirements of Act; Conditions.

565.955 Liability for error, inaccuracy, or omission; delivery as compliance with requirements of act; conditions.  Sec. 5.  (1) The transferor or his or her agent is not liable for any error, inaccuracy, or omission in any information delivered pursuant to this act if the error, inaccuracy, or omission was not within the personal knowledge of the transferor, or was based entirely on information provided by public agencies or provided by other persons specified in subsection (3), and ordinary care was exercised in transmitting the information. It is not a violation of this act if the transferor fails to disclose information that could be obtained only through inspection or observation of inaccessible portions of real estate or could be discovered only by a person with expertise in a science or trade beyond the knowledge of the transferor.  (2) The delivery of any information required by this act to be disclosed to a prospective transferee by a public agency or other person specified in subsection (3) shall be considered to comply with the requirements of this act and relieves the transferor of any further duty under this act with respect to that item of information, unless the transferor has knowledge of a known defect or condition that contradicts the information provided by the public agency or the person specified in subsection (3).  (3) The delivery of a report or opinion prepared by a licensed professional engineer, professional surveyor, geologist, structural pest control operator, contractor, or other expert, dealing with matters within the scope of the professional's license or expertise, is sufficient compliance for application of the exemption provided by subsection (1) if the information is provided upon the request of the prospective transferee, unless the transferor has knowledge of a known defect or condition that contradicts the information contained in the report or opinion. In responding to a request by a prospective transferee, an expert may indicate, in writing, an understanding that the information provided will be used in fulfilling the requirements of section 7 and, if so, shall indicate the required disclosures, or parts of disclosures, to which the information being furnished applies. In furnishing the statement, the expert is not responsible for any items of information other than those expressly set forth in the statement.  History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.956 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.956 - Disclosures; Inaccuracy as Result of Action, Occurrence, or Agreement After Delivery; Unknown or Unavailable Information; Basis.

565.956 Disclosures; inaccuracy as result of action, occurrence, or agreement after delivery; unknown or unavailable information; basis. Sec. 6.  If information disclosed in accordance with this act becomes inaccurate as a result of any action, occurrence, or agreement after the delivery of the required disclosures, the resulting inaccuracy does not constitute a violation of this act. If at the time the disclosures are required to be made, an item of information required to be disclosed under this act is unknown or unavailable to the transferor, the transferor may comply with this act by advising a prospective purchaser of the fact that the information is unknown. The information provided to a prospective purchaser pursuant to this act shall be based upon the best information available and known to the transferor. History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.958 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.958 - Availability of Copies.

565.958 Availability of copies. Sec. 8.  Copies of the form prescribed in section 7 shall be made available to the public by all real estate brokers and real estate salespersons. History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.959 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.959 - Additional Disclosures.

565.959 Additional disclosures. Sec. 9.  A city, township, or county may require disclosures in addition to those disclosures required by section 7, and may require disclosures on a different disclosure form in connection with transactions subject to this act. History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.960 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.960 - Disclosure; Good Faith.

565.960 Disclosure; good faith. Sec. 10.  Each disclosure required by this act shall be made in good faith. For purposes of this act, "good faith" means honesty in fact in the conduct of the transaction. History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.961 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.961 - Other Obligations Created by Law Not Limited.

565.961 Other obligations created by law not limited. Sec. 11.  The specification of items for disclosure in this act does not limit or abridge any obligation for disclosure created by any other provision of law regarding fraud, misrepresentation, or deceit in transfer transactions. History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.962 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.962 - Disclosure; Amendment.

565.962 Disclosure; amendment. Sec. 12.  Any disclosure made pursuant to this act may be amended in writing by the transferor, but the amendment is subject to section 4. History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.963 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.963 - Disclosure; Manner of Delivery.

565.963 Disclosure; manner of delivery.  Sec. 13.  Delivery of a disclosure statement required by this act shall be by personal delivery, facsimile delivery, or by registered mail to the prospective purchaser. Execution of a facsimile counterpart of the disclosure statement shall be considered to be execution of the original. History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.964 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.964 - Transfer Not Invalidated by Noncompliance.

565.964 Transfer not invalidated by noncompliance.  Sec. 14.  A transfer subject to this act shall not be invalidated solely because of the failure of any person to comply with a provision of this act. History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.965 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.965 - Liability of Agent.

565.965 Liability of agent. Sec. 15.  An agent of a transferor shall not be liable for any violation of this act by a transferor unless any agent knowingly acts in concert with a transferor to violate this act. History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 565.966 (2021)
2021 Michigan Compiled Laws|Chapter 565 - Conveyances of Real Property|Act 92 of 1993 - Seller Disclosure Act (565.951 - 565.966)|Section 565.966 - Effective Date.

565.966 Effective date. Sec. 16.  This act shall take effect upon the expiration of 180 days after the date of its enactment. History: 1993, Act 92, Eff. Jan. 10, 1994
MI Comp L § 566.1 (2021)
2021 Michigan Compiled Laws|Chapter 566 - Fraudulent Conveyances and Contracts|Act 238 of 1941 - Agreements to Modify or Discharge Contracts (566.1 - 566.1)|Section 566.1 - Agreements to Modify or Discharge Contracts and Obligations Valid Without Consideration.

566.1 Agreements to modify or discharge contracts and obligations valid without consideration. Sec. 1.  An agreement hereafter made to change or modify, or to discharge in whole or in part, any contract, obligation, or lease, or any mortgage or other security interest in personal or real property, shall not be invalid because of the absence of consideration: Provided, That the agreement changing, modifying, or discharging such contract, obligation, lease, mortgage or security interest shall not be valid or binding unless it shall be in writing and signed by the party against whom it is sought to enforce the change, modification, or discharge. History: 1941, Act 238, Eff. Jan. 10, 1942 ;-- CL 1948, 566.1
MI Comp L § 566.32 (2021)
2021 Michigan Compiled Laws|Chapter 566 - Fraudulent Conveyances and Contracts|Act 434 of 1998 - Uniform Voidable Transactions Act (566.31 - 566.45)|Section 566.32 - Insolvency.

566.32 Insolvency.Sec. 2.  (1) A debtor is insolvent if, at a fair valuation, the sum of the debtor's debts is greater than the sum of the debtor's assets.   (2) A debtor that is generally not paying the debtor's debts as they become due other than as a result of a bona fide dispute is presumed to be insolvent. The presumption imposes on the party against which the presumption is directed the burden of proving that the nonexistence of insolvency is more probable than its existence.  (3) As used in this section:  (a) Assets do not include property that has been transferred, concealed, or removed with intent to hinder, delay, or defraud creditors or that has been transferred in a manner making the transfer voidable under this act.  (b) Debts do not include an obligation to the extent it is secured by a valid lien on property of the debtor not included as an asset. History: 1998, Act 434, Imd. Eff. Dec. 30, 1998 ;-- Am. 2016, Act 552, Eff. Apr. 10, 2017
MI Comp L § 566.33 (2021)
2021 Michigan Compiled Laws|Chapter 566 - Fraudulent Conveyances and Contracts|Act 434 of 1998 - Uniform Voidable Transactions Act (566.31 - 566.45)|Section 566.33 - Transfer for Value.

566.33 Transfer for value.Sec. 3.  (1) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied. Value does not include an unperformed promise made otherwise than in the ordinary course of the promisor's business to furnish support to the debtor or another person.  (2) For the purposes of section 4(1)(b) and section 5, a person gives a reasonably equivalent value if the person acquires an interest of the debtor in an asset pursuant to a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor upon default under a mortgage, deed of trust, or security agreement.  (3) A transfer is made for present value if the exchange between the debtor and the transferee is intended by them to be contemporaneous and is in fact substantially contemporaneous. History: 1998, Act 434, Imd. Eff. Dec. 30, 1998 ;-- Am. 2016, Act 552, Eff. Apr. 10, 2017