reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 565 - Conveyances of Real Property › Act 34 of 2011 - Transfer Fee Covenants Attaching to Nonresidential Real Property (565.881 - 565.884) › Section 565.884 - Action to Clear Title; Other Equitable Relief; Attorney Fees and Costs.

565.884 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 action brought under subsection (1), the court may award actual reasonable attorney fees and other costs of bringing the action.
History:
2011, Act 34, Imd. Eff. May 24, 2011
2023 Michigan Compiled Laws › Chapter 565 - Conveyances of Real Property › Act 35 of 2011 - Transfer Fee Covenants Attaching to Residential Real Property (565.891 - 565.894) › Section 565.892 - Transfer Fee Covenant; Effect.

565.892 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 real property as an equitable servitude or otherwise.
History:
2011, Act 35, Imd. Eff. May 24, 2011
2023 Michigan Compiled Laws › Chapter 565 - Conveyances of Real Property › Act 35 of 2011 - Transfer Fee Covenants Attaching to Residential Real Property (565.891 - 565.894) › 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
2023 Michigan Compiled Laws › Chapter 565 - Conveyances of Real Property › Act 35 of 2011 - Transfer Fee Covenants Attaching to Residential Real Property (565.891 - 565.894) › 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 action brought under subsection (1), the court may award actual reasonable attorney fees and other costs of bringing the action.
History:
2011, Act 35, Imd. Eff. May 24, 2011
2023 Michigan Compiled Laws › Chapter 565 - Conveyances of Real Property › Act 348 of 1990 - Priority of Mortgages (565.901 - 565.906) › 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" means a mortgage that secures a future advance and is recorded either prior to or after the effective date of this act. If a recorded mortgage is amended to secure, expressly and not by implication, a future advance arising after the amendment, the mortgage becomes a future advance mortgage at the time the amendment is recorded.
(c) "Protective advance" means a future advance that arises because the mortgagee makes an expenditure or expenditures for 1 or more of the following:
(i) To fulfill or perform an obligation of the mortgagor under the mortgage, with respect to the mortgaged property, that the mortgagor has failed to fulfill or perform.
(ii) To preserve the priority of the mortgage or the value of the mortgaged property.
(iii) For attorneys fees or other expenses that are incurred in exercising a right or remedy under the mortgage or that the mortgagor has agreed in the mortgage to reimburse to the mortgagee.
(d) "Residential future advance mortgage" means a future advance mortgage upon 1 or more of the following:
(i) A single structure designed principally for the occupancy of from 1 to 4 families.
(ii) A single manufactured home designed principally for the occupancy of from 1 to 4 families.
(iii) A single condominium unit or cooperative unit, designed principally for the occupancy of from 1 to 4 families.
(iv) Land upon which the mortgagor intends to construct a single structure designed principally for the occupancy of from 1 to 4 families, if the structure is to be constructed using proceeds of a loan secured by the mortgage, unless the mortgagor intends to resell the structure without occupying it as a dwelling.
(v) Land upon which the mortgagor intends to place a single manufactured home, if it will be purchased using proceeds of a loan secured by the mortgage, unless the mortgagor intends to resell the manufactured home without occupying it as a dwelling.
(e) Notwithstanding subdivision (d), a mortgage is not a "residential future advance mortgage" if the land subject to the mortgage is more than 25 acres in size.
History:
1990, Act 348, Eff. Apr. 1, 1991 ;-- Am. 1992, Act 35, Eff. July 1, 1992
2023 Michigan Compiled Laws › Chapter 565 - Conveyances of Real Property › Act 348 of 1990 - Priority of Mortgages (565.901 - 565.906) › 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, 1991 ;-- Am. 1992, Act 35, Eff. July 1, 1992
2023 Michigan Compiled Laws › Chapter 565 - Conveyances of Real Property › Act 348 of 1990 - Priority of Mortgages (565.901 - 565.906) › 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 made at the time the amendment was recorded.
History:
1990, Act 348, Eff. Apr. 1, 1991 ;-- Am. 1992, Act 35, Eff. July 1, 1992
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Michigan Compiled Laws › Chapter 565 - Conveyances of Real Property › Act 6 of 2022 - Michigan First-Time Home Buyer Savings Program Act (565.1001 - 565.1013) › Section 565.1001 - Short Title.

565.1001 Short title.
Sec. 1.
This act may be cited as the "Michigan first-time home buyer savings program act".
History:
2022, Act 6, Imd. Eff. Feb. 9, 2022
2023 Michigan Compiled Laws › Chapter 565 - Conveyances of Real Property › Act 6 of 2022 - Michigan First-Time Home Buyer Savings Program Act (565.1001 - 565.1013) › Section 565.1005 - First-Time Home Buyer Savings Program; Establishment; Savings Account Designation; Form of Contribution.

565.1005 First-time home buyer savings program; establishment; savings account designation; form of contribution.
Sec. 5.
(1) The first-time home buyer savings program is established in the department. The purposes, powers, and duties of the first-time home buyer savings program are vested in and shall be exercised by the treasurer or the designee of the treasurer.
(2) Beginning January 1, 2022 through December 31, 2026, any individual may open an account with a financial institution and designate the account, in its entirety, as a first-time home buyer savings account to be used to pay or reimburse a qualified beneficiary's eligible costs for the purchase of a single-family residence in this state. An account holder shall designate a first-time home buyer as the qualified beneficiary of the first-time home buyer savings account. The account holder may designate himself or herself as the qualified beneficiary and may change the designated qualified beneficiary at any time, but there may not be more than 1 qualified beneficiary at any 1 time.
(3) An individual may jointly own a first-time home buyer savings account with another person if the joint account holders file a joint return under part 1 of the income tax act of 1967, 1967 PA 281, MCL 206.1 to 206.532. An individual may be the account holder of more than 1 first-time home buyer savings account. However, an account holder cannot have multiple accounts that designate the same qualified beneficiary. An individual may be designated as the qualified beneficiary on more than 1 first-time home buyer savings account.
(4) Only cash and marketable securities may be contributed to a first-time home buyer savings account. Subject to the limitation under section 11, persons other than the account holder may make contributions to a first-time home buyer savings account.
History:
2022, Act 6, Imd. Eff. Feb. 9, 2022
2023 Michigan Compiled Laws › Chapter 565 - Conveyances of Real Property › Act 6 of 2022 - Michigan First-Time Home Buyer Savings Program Act (565.1001 - 565.1013) › Section 565.1009 - Financial Institution Duties and Responsibilities.

565.1009 Financial institution duties and responsibilities.
Sec. 9.
(1) A financial institution is not required to do any of the following:
(a) Designate an account as a first-time home buyer savings account, or designate the qualified beneficiaries of an account, in the financial institution's account contracts or systems or in any other way.
(b) Track the use of money withdrawn from a first-time home buyer savings account.
(c) Allocate funds in a first-time home buyer savings account among joint account holders or multiple qualified beneficiaries.
(d) Report any information to the department that is not otherwise required by law.
(2) A financial institution is not responsible or liable for any of the following:
(a) Determining or ensuring that an account satisfies the requirements to be a first-time home buyer savings account.
(b) Determining or ensuring that funds in a first-time home buyer savings account are used for eligible cost.
(c) Reporting or remitting taxes or penalties related to the use of a first-time home buyer savings account.
(3) Upon being furnished proof of the death of the account holder and any other information required by the contract governing the first-time home buyer savings account, a financial institution shall distribute the principal and accumulated interest or other income in the account in accordance with the terms of the contract governing the account.
History:
2022, Act 6, Imd. Eff. Feb. 9, 2022
2023 Michigan Compiled Laws › Chapter 565 - Conveyances of Real Property › Act 6 of 2022 - Michigan First-Time Home Buyer Savings Program Act (565.1001 - 565.1013) › Section 565.1011 - Maximum Account Balance Limit; Contributions, Interest Earned, and Qualified Withdrawals as Tax Exempt.

565.1011 Maximum account balance limit; contributions, interest earned, and qualified withdrawals as tax exempt.
Sec. 11.
(1) The maximum account balance limit for a first-time home buyer savings account shall not exceed a maximum of $50,000.00. Accounts may continue to accrue earnings if the total balance has reached the maximum account balance limit and shall not be considered to have exceeded the maximum account balance limit under this subsection.
(2) Contributions to and interest earned on a first-time home buyer savings account are exempt from taxation as provided in section 30 of the income tax act of 1967, 1967 PA 281, MCL 206.30.
(3) Qualified withdrawals made from first-time home buyer savings accounts are exempt from taxation as provided in section 30 of the income tax act of 1967, 1967 PA 281, MCL 206.30.
History:
2022, Act 6, Imd. Eff. Feb. 9, 2022
2023 Michigan Compiled Laws › Chapter 565 - Conveyances of Real Property › Act 6 of 2022 - Michigan First-Time Home Buyer Savings Program Act (565.1001 - 565.1013) › Section 565.1013 - Improper Use of Funds; Penalties; Exceptions; Definitions.

565.1013 Improper use of funds; penalties; exceptions; definitions.
Sec. 13.
(1) If funds are withdrawn from an account for any purpose other than the payment of eligible costs by or on behalf of a qualified beneficiary, there is a penalty equal to 10% of the amount withdrawn. The penalty shall be paid to the department.
(2) The penalty does not apply if the funds withdrawn satisfy any of the following:
(a) Withdrawn by reason of the qualified beneficiary's death or disability.
(b) A disbursement of assets of the account pursuant to a filing for protection under the United States bankruptcy code, 11 USC 101 to 1330.
(c) Transferred from an account established pursuant to this act into another account established pursuant to this act for the benefit of another qualified beneficiary as provided in section 7.
(d) Withdrawn by reason of a hardship withdrawal as provided in section 7.
(e) Withdrawn by reason of qualified beneficiary who is a service member who is transferred or deployed out of this state on active duty pursuant to a permanent change of station order and provides proof acceptable to the department that the qualified beneficiary or his or her spouse is assigned to a duty station outside this state under a permanent change of station order.
(3) As used in this section:
(a) "Active duty" means active duty pursuant to an executive order of the President of the United States, an act of Congress, or an order of the governor.
(b) "Armed forces" means that term as defined in section 2 of the veteran right to employment services act, 1994 PA 39, MCL 35.1092.
(c) "Michigan National Guard" means that term as defined in section 105 of the Michigan military act, 1967 PA 150, MCL 32.505.
(d) "Service member" means a member of the armed forces, a reserve branch of the armed forces, or the Michigan National Guard.
History:
2022, Act 6, Imd. Eff. Feb. 9, 2022
2023 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
2023 Michigan Compiled Laws › Chapter 566 - Fraudulent Conveyances and Contracts › Repealed - Act 310 of 1919 - The Uniform Fraudulent Conveyance Act (566.11 - 566.23)

THE UNIFORM FRAUDULENT CONVEYANCE ACT
Act 310 of 1919
566.11-566.23 Repealed. 1998, Act 434, Imd. Eff. Dec. 30, 1998.
2023 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
2023 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
2023 Michigan Compiled Laws › Chapter 566 - Fraudulent Conveyances and Contracts › Act 434 of 1998 - Uniform Voidable Transactions Act (566.31 - 566.45) › Section 566.34 - Transfer With Intent to Defraud.

566.34 Transfer with intent to defraud.
Sec. 4.
(1) Except as otherwise provided in subsection (4), a transfer made or obligation incurred by a debtor is voidable as to a creditor, whether the creditor's claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation in either of the following circumstances:
(a) With actual intent to hinder, delay, or defraud any creditor of the debtor.
(b) Without receiving a reasonably equivalent value in exchange for the transfer or obligation, and the debtor did either of the following:
(i) Was engaged or was about to engage in a business or a transaction for which the remaining assets of the debtor were unreasonably small in relation to the business or transaction.
(ii) Intended to incur, or believed or reasonably should have believed that the debtor would incur, debts beyond the debtor's ability to pay as they became due.
(2) In determining actual intent under subsection (1)(a) or (4), consideration may be given, among other factors, to whether 1 or more of the following occurred:
(a) The transfer or obligation was to an insider.
(b) The debtor retained possession or control of the property transferred after the transfer.
(c) The transfer or obligation was disclosed or concealed.
(d) Before the transfer was made or obligation was incurred, the debtor had been sued or threatened with suit.
(e) The transfer was of substantially all of the debtor's assets.
(f) The debtor absconded.
(g) The debtor removed or concealed assets.
(h) The value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred or the amount of the obligation incurred.
(i) The debtor was insolvent or became insolvent shortly after the transfer was made or the obligation was incurred.
(j) The transfer occurred shortly before or shortly after a substantial debt was incurred.
(k) The debtor transferred the essential assets of the business to a lienor that transferred the assets to an insider of the debtor.
(3) Except as otherwise provided in subsection (4), a creditor that makes a claim for relief under subsection (1) has the burden of proving the elements of the claim for relief by a preponderance of the evidence.
(4) A qualified disposition is fraudulent as to the creditor whose claim arose after the qualified disposition only if the qualified disposition was made with actual intent to hinder, delay, or defraud any creditor of the debtor. With respect to a qualified disposition, a creditor has the burden of proving the elements of the claim for relief by clear and convincing evidence.
History:
1998, Act 434, Imd. Eff. Dec. 30, 1998 ;-- Am. 2016, Act 331, Eff. Mar. 8, 2017 ;-- Am. 2016, Act 552, Eff. Apr. 10, 2017 ;-- Am. 2022, Act 145, Imd. Eff. July 19, 2022
2023 Michigan Compiled Laws › Chapter 566 - Fraudulent Conveyances and Contracts › Act 434 of 1998 - Uniform Voidable Transactions Act (566.31 - 566.45) › Section 566.35 - Transfer by Debtor as Voidable.

566.35 Transfer by debtor as voidable.
Sec. 5.
(1) A transfer made or obligation incurred by a debtor is voidable as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer or obligation.
(2) A transfer made by a debtor is voidable as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for an antecedent debt, the debtor was insolvent at that time, and the insider had reasonable cause to believe that the debtor was insolvent.
(3) Except as provided in subsection (4) and subject to section 2(2), a creditor that makes a claim for relief under subsection (1) or (2) has the burden of proving the elements of the claim for relief by a preponderance of the evidence.
(4) With respect to a qualified disposition, a creditor has the burden of proving the elements of the claim for relief by clear and convincing evidence.
History:
1998, Act 434, Imd. Eff. Dec. 30, 1998 ;-- Am. 2016, Act 552, Eff. Apr. 10, 2017 ;-- Am. 2022, Act 145, Imd. Eff. July 19, 2022
2023 Michigan Compiled Laws › Chapter 566 - Fraudulent Conveyances and Contracts › Act 434 of 1998 - Uniform Voidable Transactions Act (566.31 - 566.45) › Section 566.36 - Transfer as Perfected; Completion.

566.36 Transfer as perfected; completion.
Sec. 6.
(1) A transfer is made under this act when 1 of the following occurs:
(a) With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith purchaser of the asset from the debtor against which applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee.
(b) With respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under this act that is superior to the interest of the transferee.
(2) If applicable law permits the transfer to be perfected as provided in subsection (1) and the transfer is not so perfected before the commencement of an action for relief under this act, the transfer is considered made immediately before the commencement of the action.
(3) If applicable law does not permit the transfer to be perfected as provided in subsection (1), the transfer is made when it becomes effective between the debtor and the transferee.
(4) A transfer is not made under this act until the debtor has acquired rights in the asset transferred.
(5) An obligation is incurred under this act if 1 of the following occurs:
(a) If oral, when it becomes effective between the parties.
(b) If evidenced by a record, when the record signed by the obligor is delivered to or for the benefit of the obligee.
History:
1998, Act 434, Imd. Eff. Dec. 30, 1998 ;-- Am. 2016, Act 552, Eff. Apr. 10, 2017
2023 Michigan Compiled Laws › Chapter 566 - Fraudulent Conveyances and Contracts › Act 434 of 1998 - Uniform Voidable Transactions Act (566.31 - 566.45) › Section 566.37 - Action for Relief Against Transfer or Obligation; Right of Creditor to Execution on Asset or Proceeds.

566.37 Action for relief against transfer or obligation; right of creditor to execution on asset or proceeds.
Sec. 7.
(1) In an action for relief against a transfer or obligation under this act, a creditor, subject to the limitations in section 8, may obtain 1 or more of the following:
(a) Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor's claim.
(b) An attachment or other provisional remedy against the asset transferred or other property of the transferee if available under applicable law.
(c) Subject to applicable principles of equity and in accordance with applicable court rules and statutes, 1 or more of the following:
(i) An injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property.
(ii) Appointment of a receiver to take charge of the asset transferred or of other property of the transferee.
(iii) Any other relief the court determines appropriate.
(2) If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.
History:
1998, Act 434, Imd. Eff. Dec. 30, 1998 ;-- Am. 2016, Act 552, Eff. Apr. 10, 2017
2023 Michigan Compiled Laws › Chapter 566 - Fraudulent Conveyances and Contracts › Act 434 of 1998 - Uniform Voidable Transactions Act (566.31 - 566.45) › Section 566.39 - Claim for Relief; Extinguishment.

566.39 Claim for relief; extinguishment.
Sec. 9.
A claim for relief with respect to a transfer or obligation under this act is extinguished unless action is brought within 1 or more of the following time periods:
(a) Except as otherwise provided in subdivision (c), if the claim for relief is under section 4(1)(a) or (b) or 5(1), within the time provided in section 5813 or 5855 of the revised judicature act of 1961, 1961 PA 236, MCL 600.5813 and 600.5855.
(b) Except as otherwise provided in subdivision (c), if the claim for relief is under section 5(2), within 1 year after the transfer was made or the obligation was incurred.
(c) If the claim for relief is under section 4 or 5, with respect to a qualified disposition, the time provided in section 5 of the qualified dispositions in trust act.
History:
1998, Act 434, Imd. Eff. Dec. 30, 1998 ;-- Am. 2016, Act 331, Eff. Mar. 8, 2017 ;-- Am. 2016, Act 552, Eff. Apr. 10, 2017
2023 Michigan Compiled Laws › Chapter 566 - Fraudulent Conveyances and Contracts › Act 434 of 1998 - Uniform Voidable Transactions Act (566.31 - 566.45) › Section 566.40 - Debtor's and Qualified Trustee's Location; Jurisdiction.

566.40 Debtor's and qualified trustee's location; jurisdiction.
Sec. 10.
(1) In this section, except as provided in subsection (2), the following rules determine a debtor's location:
(a) A debtor who is an individual is located at the individual's principal residence.
(b) A debtor that is an organization and has only 1 place of business is located at its place of business.
(c) A debtor that is an organization and has more than 1 place of business is located at its chief executive office.
(2) In this section, the following rules determine a qualified trustee's location:
(a) A qualified trustee who is an individual is located at the individual's principal residence.
(b) A qualified trustee whose activities are subject to supervision by the department of insurance and financial services, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, or the Office of Thrift Supervision is located at the business location of the primary trust officer.
(3) Except as provided in subsection (4), a claim for relief in the nature of a claim for relief under this act is governed by the local law of the jurisdiction in which the debtor is located when the transfer is made or the obligation is incurred.
(4) With respect to a qualified disposition, a claim for relief under this act or a claim that a disposition is not a qualified disposition is governed by the local law of the jurisdiction in which the qualified trustee serving at the time the disposition was made was located.
History:
1998, Act 434, Imd. Eff. Dec. 30, 1998 ;-- Am. 2016, Act 552, Eff. Apr. 10, 2017 ;-- Am. 2022, Act 145, Imd. Eff. July 19, 2022
2023 Michigan Compiled Laws › Chapter 566 - Fraudulent Conveyances and Contracts › Act 434 of 1998 - Uniform Voidable Transactions Act (566.31 - 566.45) › Section 566.41 - "Protected Series" and "Series Organization" Defined.

566.41 "Protected series" and "series organization" defined.
Sec. 11.
(1) As used in this section:
(a) "Protected series" means an arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics set forth in subdivision (b).
(b) "Series organization" means an organization that, pursuant to the law under which it is organized, has the following characteristics:
(i) The organic record of the organization provides for creation by the organization of 1 or more protected series, however denominated, with respect to specified property of the organization, and for records to be maintained for each protected series that identify the property of or associated with the protected series.
(ii) Debt incurred or existing with respect to the activities of, or property of or associated with, a particular protected series is enforceable against the property of or associated with the protected series only, and not against the property of or associated with the organization or other protected series of the organization.
(iii) Debt incurred or existing with respect to the activities or property of the organization is enforceable against the property of the organization only, and not against the property of or associated with a protected series of the organization.
(2) A series organization and each protected series of the organization is a separate person for purposes of this act, even if for other purposes a protected series is not a person separate from the organization or other protected series of the organization.
History:
1998, Act 434, Imd. Eff. Dec. 30, 1998 ;-- Am. 2016, Act 552, Eff. Apr. 10, 2017