reglab/housing_qa huggingface dataset:
MI Comp L § 554.1024 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|Section 554.1024 - Stay or Injunction.

554.1024 Stay or injunction.Sec. 14.  (1) Except as otherwise provided in subsection (4) or ordered by the court, an order appointing a receiver operates as a stay, applicable to all persons, of an act, action, or proceeding to do any of the following:  (a) Obtain possession of, exercise control over, or enforce a judgment against receivership property.  (b) Enforce a lien against receivership property to the extent the lien secures a claim against the owner that arose before entry of the order.  (2) Except as otherwise provided in subsection (4), the court may enjoin an act, action, or proceeding against or relating to receivership property if the injunction is necessary to protect the property or facilitate administration of the receivership.  (3) A person whose act, action, or proceeding is stayed or enjoined under this section may apply to the court for relief from the stay or injunction for cause.  (4) An order under subsection (1) or (2) does not operate as a stay or injunction of any of the following:  (a) An act, action, or proceeding to foreclose or otherwise enforce a security agreement by the person seeking appointment of the receiver.  (b) An act, action, or proceeding to perfect, or maintain or continue the perfection of, an interest in receivership property.  (c) Commencement or continuation of a criminal proceeding.  (d) Commencement or continuation of an action or proceeding, or enforcement of a judgment other than a money judgment in an action or proceeding, by a governmental unit to enforce its police or regulatory power.  (e) Establishment by a governmental unit of a tax liability against the owner or receivership property or an appeal of the liability.  (5) The court may void an act that violates a stay or injunction under this section.  (6) If a person knowingly violates a stay or injunction under this section, the court may do 1 or both of the following:  (a) Award actual damages caused by the violation, reasonable attorney fees, and costs.  (b) Sanction the violation as contempt. History: 2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
MI Comp L § 554.1025 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|Section 554.1025 - Engagement of Professional; Compensation.

554.1025 Engagement of professional; compensation.Sec. 15.  (1) With court approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker, or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose all of the following to the court:  (a) The identity and qualifications of the professional.  (b) The scope and nature of the proposed engagement.  (c) Any potential conflict of interest.  (d) The proposed compensation.  (2) A receiver or professional engaged under subsection (1) shall file with the court an itemized statement of the time spent, work performed, and billing rate of each person that performed the work and an itemized list of expenses. The receiver shall pay the amount approved by the court. History: 2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
MI Comp L § 554.1026 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|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 course of business.  (3) With court approval, and after notice and an opportunity for a hearing is given to all creditors and other known interested parties unless the court orders otherwise for cause, a receiver may transfer receivership property other than in the ordinary course of business by sale, lease, license, exchange, or other disposition. Unless the agreement of sale provides otherwise, a sale under this section is free and clear of a lien of the person that obtained appointment of the receiver, any subordinate lien, and any right of redemption but is subject to a senior lien.  (4) A lien on receivership property that is extinguished by a transfer under subsection (3) attaches to the proceeds of the transfer with the same validity, perfection, and priority the lien had on the property immediately before the transfer, even if the proceeds are not sufficient to satisfy all obligations secured by the lien.  (5) A transfer under subsection (3) may occur by means other than a public auction sale. A creditor holding a valid lien on the property to be transferred may purchase the property and offset against the purchase price part or all of the allowed amount secured by the lien, if the creditor tenders funds sufficient to satisfy in full the reasonable expenses of transfer and the obligation secured by any senior lien extinguished by the transfer.  (6) A reversal or modification of an order approving a transfer under subsection (3) does not affect the validity of the transfer to a person that acquired the property in good faith or revive against the person any lien extinguished by the transfer, whether the person knew before the transfer of the request for reversal or modification, unless the court stayed the order before the transfer. History: 2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
MI Comp L § 554.1028 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|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 or proceeding against a receiver or a professional engaged by the receiver. History: 2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
MI Comp L § 554.1029 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|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 to a professional engaged by the receiver.  (c) Receipts and dispositions of receivership property.  (d) Fees and expenses of the receiver and, if not filed separately, a request for approval of payment of the fees and expenses.  (e) Any other information required by the court. History: 2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
MI Comp L § 554.1031 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|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 and expenses of the receivership, including reasonable attorney fees and costs and any fees and expenses of professionals engaged under section 15:  (a) A person that requested the appointment of the receiver, if the receivership does not produce sufficient funds to pay the fees and expenses.  (b) A person whose conduct justified or would have justified the appointment of the receiver under section 6(1)(a). History: 2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
MI Comp L § 554.1032 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|Section 554.1032 - Removal of Receiver; Replacement; Discharge; Termination.

554.1032 Removal of receiver; replacement; discharge; termination.Sec. 22.  (1) The court may remove a receiver for cause.  (2) The court shall replace a receiver that dies, resigns, or is removed.  (3) If the court finds that a receiver that resigns or is removed, or the representative of a receiver that is deceased, has accounted fully for and turned over to the successor receiver all receivership property and has filed a report of all receipts and disbursements during the service of the replaced receiver, the replaced receiver is discharged.  (4) The court may discharge a receiver and terminate the court's administration of the receivership property if the court finds that appointment of the receiver was improvident or that the circumstances no longer warrant continuation of the receivership. If the court finds that the appointment was sought wrongfully or in bad faith, the court may assess both of the following against the person that sought the appointment:  (a) The fees and expenses of the receivership, including reasonable attorney fees and costs.  (b) Actual damages caused by the appointment, including reasonable attorney fees and costs. History: 2018, Act 16, Eff. May 7, 2018
MI Comp L § 554.1033 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|Section 554.1033 - Final Report of Receiver; Contents; Discharge.

554.1033 Final report of receiver; contents; discharge.Sec. 23.  (1) On completion of a receiver's duties, the receiver shall file a final report including all of the following:  (a) A description of the activities of the receiver in the conduct of the receivership.  (b) A list of receivership property at the commencement of the receivership and any receivership property received during the receivership.  (c) A list of disbursements, including payments to professionals engaged by the receiver.  (d) A list of dispositions of receivership property.  (e) A list of distributions made or proposed to be made from the receivership for creditor claims.  (f) If not filed separately, a request for approval of the payment of fees and expenses of the receiver.  (g) Any other information required by the court.  (2) If the court approves a final report filed under subsection (1) and the receiver distributes all receivership property, the receiver is discharged. History: 2018, Act 16, Eff. May 7, 2018
MI Comp L § 554.1034 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|Section 554.1034 - Receivership in Another State; Rights, Powers, and Duties of Ancillary Receiver.

554.1034 Receivership in another state; rights, powers, and duties of ancillary receiver.Sec. 24.  (1) The court may appoint a receiver appointed in another state, or that person's nominee, as an ancillary receiver with respect to property located in this state or subject to the jurisdiction of the court for which a receiver could be appointed under this act, if both of the following apply:  (a) The person or nominee would be eligible to serve as receiver under section 7.  (b) The appointment furthers the person's possession, custody, control, or disposition of property subject to the receivership in the other state.  (2) The court may issue an order that gives effect to an order entered in another state appointing or directing a receiver.  (3) Unless the court orders otherwise, an ancillary receiver appointed under subsection (1) has the rights, powers, and duties of a receiver appointed under this act. History: 2018, Act 16, Eff. May 7, 2018
MI Comp L § 554.1035 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|Section 554.1035 - Enforcement by Secured Party; Effect.

554.1035 Enforcement by secured party; effect.Sec. 25.  A request by a secured party for appointment of a receiver, the appointment of a receiver, or application by a secured party of receivership property or proceeds to the secured obligation does not do any of the following:  (a) Make the secured party a mortgagee in possession of the real property.  (b) Impose any duty on the secured party under section 9207 of the uniform commercial code, 1962 PA 174, MCL 440.9207.  (c) Make the secured party an agent of the owner.  (d) Constitute an election of remedies that precludes a later action to enforce the secured obligation.  (e) Make the secured obligation unenforceable.  (f) Limit any right available to the secured party with respect to the secured obligation.  (g) Constitute an action within the meaning of section 3204(1)(b) of the revised judicature act of 1961, 1961 PA 236, MCL 600.3204. History: 2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
MI Comp L § 554.1036 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|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
MI Comp L § 554.1037 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|Section 554.1037 - Electronic Signatures in Global and National Commerce Act.

554.1037 Electronic signatures in global and national commerce act.Sec. 27.  This act modifies, limits, or supersedes the electronic signatures in global and national commerce act, 15 USC 7001 to 7031, but does not modify, limit, or supersede 15 USC 7001(c) or authorize electronic delivery of any of the notices described in 15 USC 7003(b). History: 2018, Act 16, Eff. May 7, 2018
MI Comp L § 554.1038 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|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
MI Comp L § 554.1040 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)|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
MI Comp L § 555.101 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.101 - Short Title; Definitions.

555.101 Short title; definitions.Sec. 1.  (1) This act shall be known and may be cited as the "collective investment funds act".  (2) As used in this act:  (a) "Collective investment fund" means a fund maintained by a financial institution or by 1 or more affiliated financial institutions that consists solely of assets of retirement, pension, profit sharing, stock bonus, or other trusts that are exempt from federal income tax.  (b) "Common trust fund" means a fund maintained by a financial institution or 1 or more affiliated financial institutions exclusively for the collective investment and reinvestment of money contributed to the fund by the financial institution or the affiliated financial institutions in its capacity as a fiduciary or cofiduciary.  (c) "Fiduciary" means a financial institution or other person acting in the capacity of guardian, conservator, personal representative, or trustee, either solely or together with others, or custodian under a uniform gift or transfer to minors act of any state.  (d) "Financial institution" means any of the following:  (i) A state bank, national bank, state or federally chartered savings and loan association or savings bank that is authorized to act in a fiduciary capacity in this state.   (ii) A wholly owned subsidiary of an entity described in subparagraph (i) that is authorized to act in a fiduciary capacity in this state.   (iii) An entity authorized to act in a fiduciary capacity in any other state that is a member of an affiliated group within the meaning of section 1504 of the internal revenue code of 1986 that includes any of the entities described in subparagraph (i) or (ii).  (e) "Fund" means a common trust fund or a collective investment fund.  (f) "Plan" means the written plan for a fund described in section 4. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.101 ;-- Am. 1978, Act 433, Imd. Eff. Oct. 5, 1978 ;-- Am. 1984, Act 101, Imd. Eff. May 8, 1984 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
MI Comp L § 555.102 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.102 - Funds; Financial Institution May Establish, Maintain, and Administer.

555.102 Funds; financial institution may establish, maintain, and administer.Sec. 2.  A financial institution may establish, maintain, and administer 1 or more funds. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.102 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
MI Comp L § 555.103 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.103 - Funds; Financial Institution May Invest as Fiduciary.

555.103 Funds; financial institution may invest as fiduciary.Sec. 3.  A financial institution in its capacity as a fiduciary or cofiduciary may invest funds that it lawfully holds for investment in that capacity in interests or participations in 1 or more common trust funds, if the investment is not prohibited by the instrument, judgment, decree, or order creating the fiduciary relationship and if, in the case of a financial institution in its capacity as a cofiduciary, the financial institution complies with any consent requirements imposed by the estates and protected individuals code, 1998 PA 386, MCL 700.1101 to 700.8102. A financial institution may invest assets of retirement, pension, profit sharing, stock bonus, or other employee benefit trusts exempt from federal income tax that the financial institution holds in any capacity, including agent, in a collective investment fund. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.103 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
MI Comp L § 555.104 (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.104 - Funds; Establishment and Maintenance of Plan; Provisions; Availability for Inspection.

555.104 Funds; establishment and maintenance of plan; provisions; availability for inspection.Sec. 4.  (1) A financial institution shall establish and maintain a fund in accordance with a written plan approved by resolution of the board of directors of the financial institution or by a committee authorized by the board. The plan shall contain full and detailed provisions as to the manner in which the financial institution will operate the fund, including, but not limited to, provisions relating to all of the following:  (a) The investment powers and policies with respect to the fund.  (b) The allocation of income, profits, and losses.  (c) The fees and expenses that the financial institution will charge to the fund and to participating accounts.  (d) The terms and conditions governing the admission and withdrawal of participating accounts.  (e) Audits of participating accounts.  (f) The basis and method of valuing assets in the fund.  (g) The expected frequency of income distribution from the fund to participating accounts.  (h) The minimum frequency of valuation of fund assets.  (i) The period of time following a valuation date in which a valuation of fund assets must be made.  (j) The bases upon which the financial institution may terminate the funds.  (k) Any other matters necessary to define clearly the rights of participating accounts.  (2) A financial institution shall make a copy of a written plan described in subsection (1) available at its principal office for inspection during all regular business hours and shall provide a copy of the plan to any person who requests it. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.104 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
MI Comp L § 555.104a (2021)
2021 Michigan Compiled Laws|Chapter 555 - Uses and Trusts|Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)|Section 555.104a - Audit; Financial Report; Contents; Items to Be Excluded From Report; Availability; Advertising Common Trust Fund.

555.104a Audit; financial report; contents; items to be excluded from report; availability; advertising common trust fund.Sec. 4a.  (1) At least once during each 12-month period, a financial institution administering a fund shall arrange for an audit of the fund by auditors responsible only to the board of directors of the financial institution.  (2) At least once during each 12-month period, a financial institution administering a fund shall prepare a financial report of the fund based on the audit required in subsection (1). The report shall disclose the fund's fees and expenses, a list of investments in the fund, the cost and current market value of each investment, and a statement covering the period after the previous report that shows all of the following, organized by type of investment:  (a) A summary of purchases, including costs.  (b) A summary of sales, including profit or loss and any other investment changes.  (c) Income to and disbursements from the fund.  (d) A description of any investments in default.  (3) A financial institution shall not publish in the report described in subsection (2) any predictions or representations as to future performance. In addition, with respect to common trust funds, a financial institution shall not publish the performance of individual funds other than those administered by the financial institution or its affiliates.  (4) A financial institution administering a fund shall provide a copy of the report described in subsection (2), or provide notice that a copy of the report is available upon request without charge, to each person who ordinarily would receive a regular periodic accounting with respect to each participating account. The financial institution may provide a copy of the report to prospective customers and may provide a copy of the report upon request to any person for a reasonable charge.  (5) A financial institution shall not advertise or publicize any common trust fund except in connection with the advertisement of the general fiduciary services of the financial institution. History: Add. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act