reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 448 of 2014 - Continuing Care Community Disclosure Act (554.901 - 554.993) › Section 554.993 - Facility or Person Registered or Exempt Under Former Act.

554.993 Facility or person registered or exempt under former act.
Sec. 93.
A facility or person that was registered or exempt from registration under the former living care disclosure act, 1976 PA 440, immediately before the effective date of this act shall be considered to be registered or exempt from registration, respectively, under this act until the registration or exemption would have expired under the former living care disclosure act, 1976 PA 440, or 30 days after the effective date of this act, whichever is later.
History:
2014, Act 448, Eff. Apr. 2, 2015
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 16 of 2018 - Receivership Act (554.1011 - 554.1040) › Section 554.1011 - Short Title.

554.1011 Short title.
Sec. 1.
This act shall be known and may be cited as the "receivership act".
History:
2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 16 of 2018 - Receivership Act (554.1011 - 554.1040) › Section 554.1013 - Court Order; Issuance; Notice and Hearing; Circumstances.

554.1013 Court order; issuance; notice and hearing; circumstances.
Sec. 3.
(1) Except as otherwise provided in subsection (2), the court may issue an order under this act only after notice and opportunity for a hearing appropriate in the circumstances.
(2) The court may issue an order under this act under the following circumstances:
(a) Without prior notice if cause exists to require issuance of an order before notice is given.
(b) After notice and without a prior hearing if cause exists to require issuance of an order before a hearing is held.
(c) After notice and without a hearing if no interested party timely requests a hearing.
History:
2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 16 of 2018 - Receivership Act (554.1011 - 554.1040) › Section 554.1014 - Applicability of Act; Scope; Limitation.

554.1014 Applicability of act; scope; limitation.
Sec. 4.
(1) Except as otherwise provided in subsection (2) or (3), this act applies to a receivership for an interest in any of the following commercial property:
(a) Real property, fixtures, and any personal property related to or used in operating the real property.
(b) Personal property.
(2) This act does not apply to a receivership for an interest in real property improved by 1 to 4 dwelling units unless 1 or more of the following applies:
(a) The interest is used for agricultural, commercial, industrial, or mineral-extraction purposes, other than incidental uses by an owner occupying the property as the owner's primary residence.
(b) The interest secures an obligation incurred at a time when the property was used or planned for use for agricultural, commercial, industrial, or mineral-extraction purposes.
(c) The owner planned or is planning to develop the property into 1 or more dwelling units to be sold or leased in the ordinary course of the owner's business.
(d) The owner is collecting or has the right to collect rents or other income from the property from a person other than an affiliate of the owner.
(3) This act does not apply to a receivership authorized by law of this state other than this act in which the receiver is a governmental unit or an individual acting in an official capacity on behalf of the unit except to the extent provided by the other law.
(4) This act does not limit the authority of a court to appoint a receiver under law of this state other than this act.
(5) Unless displaced by a particular provision of this act, the principles of law and equity supplement this act.
History:
2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 16 of 2018 - Receivership Act (554.1011 - 554.1040) › Section 554.1015 - Selection, Appointment, Removal, and Compensation of Receiver; Establishment by Court Rule; Jurisdiction.

554.1015 Selection, appointment, removal, and compensation of receiver; establishment by court rule; jurisdiction.
Sec. 5.
(1) Except as provided in this act, the procedure for the selection, appointment, removal, and compensation of a receiver, or a professional engaged under section 15, under this act is as established by the court rules.
(2) The court that appoints a receiver under this act has exclusive jurisdiction to direct the receiver and determine any controversy related to the receivership or receivership property.
History:
2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 16 of 2018 - Receivership Act (554.1011 - 554.1040) › Section 554.1016 - Appointment of Receiver; Circumstances; Appointment Without Prior Notice or Hearing; Security.

554.1016 Appointment of receiver; circumstances; appointment without prior notice or hearing; security.
Sec. 6.
(1) The court may appoint a receiver as follows:
(a) Before judgment, to protect a party that demonstrates an apparent right, title, or interest in property that is the subject of the action, under either of the following circumstances:
(i) The property or its revenue-producing potential is being subjected to or is in danger of waste, loss, dissipation, or impairment.
(ii) The property or its revenue-producing potential has been or is about to be the subject of a voidable transaction.
(b) After judgment for any of the following reasons:
(i) To carry the judgment into effect.
(ii) To preserve nonexempt property pending appeal or when an execution has been returned unsatisfied and the owner refuses to apply the property in satisfaction of the judgment.
(c) If a receiver may be appointed on equitable grounds.
(d) During the time allowed for redemption, to preserve property sold in an execution or foreclosure sale and secure its rents to the person entitled to the rents.
(2) In connection with the foreclosure or other enforcement of a security agreement or lien, the court may appoint a receiver for the property under any of the following circumstances:
(a) Appointment is necessary to protect the property from waste, loss, transfer, dissipation, or impairment.
(b) The person that granted a lien in the property agreed in a signed record to appointment of a receiver on default.
(c) The owner agreed, after default and in a signed record, to appointment of a receiver.
(d) The property held by the secured party is not sufficient to satisfy the secured obligation.
(e) The owner fails to turn over to the secured party proceeds or rents the secured party was entitled to collect.
(f) The holder of a subordinate lien obtains appointment of a receiver for the property.
(3) The court may condition appointment of a receiver without prior notice under section 3(2)(a) or without a prior hearing under section 3(2)(b) on the giving of security by the person seeking the appointment for the payment of damages, reasonable attorney fees, and costs incurred or suffered by any person if the court later concludes that the appointment was not justified. If the court later concludes that the appointment was justified, the court shall release the security.
History:
2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 16 of 2018 - Receivership Act (554.1011 - 554.1040) › Section 554.1018 - Bond; Alternative Security.

554.1018 Bond; alternative security.
Sec. 8.
(1) Except as otherwise provided in subsection (2), a receiver shall post with the court a bond that meets all of the following requirements:
(a) The bond is conditioned on the faithful discharge of the receiver's duties.
(b) The bond has 1 or more sureties approved by the court.
(c) The bond is in an amount the court specifies.
(d) The bond is effective as of the date of the receiver's appointment.
(2) The court may approve the posting by a receiver with the court of alternative security, such as a letter of credit or deposit of funds. The receiver may not use receivership property as alternative security. Interest that accrues on deposited funds must be paid to the receiver on the receiver's discharge.
(3) The court may authorize a receiver to act before the receiver posts the bond or alternative security required by this section.
(4) A claim against a receiver's bond or alternative security must be made not later than 1 year after the date the receiver is discharged.
History:
2018, Act 16, Eff. May 7, 2018
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 16 of 2018 - Receivership Act (554.1011 - 554.1040) › Section 554.1019 - Status of Receiver as Lien Creditor.

554.1019 Status of receiver as lien creditor.
Sec. 9.
On appointment of a receiver, the receiver has the status of a lien creditor under both of the following:
(a) Article 9 of the uniform commercial code, 1962 PA 174, MCL 440.9101 to 440.9809, as to receivership property that is personal property or fixtures.
(b) The recording statutes of this state as to receivership property that is real property.
History:
2018, Act 16, Eff. May 7, 2018
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 16 of 2018 - Receivership Act (554.1011 - 554.1040) › Section 554.1020 - Acquisition of Property After Appointment as Receiver; Security Agreement.

554.1020 Acquisition of property after appointment as receiver; security agreement.
Sec. 10.
Except as otherwise provided by law of this state other than this act, property that a receiver or owner acquires after appointment of the receiver is subject to a security agreement entered into before the appointment to the same extent as if the court had not appointed the receiver.
History:
2018, Act 16, Eff. May 7, 2018
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 16 of 2018 - Receivership Act (554.1011 - 554.1040) › Section 554.1021 - Receivership Property; Duties of Person Upon Demand of Receiver; Failure to Turn Over Property; Sanction.

554.1021 Receivership property; duties of person upon demand of receiver; failure to turn over property; sanction.
Sec. 11.
(1) Unless the court orders otherwise, a person shall do both of the following on demand by a receiver, as applicable:
(a) If the person owes a debt that is receivership property and is matured or payable on demand or on order, pay the debt to or on the order of the receiver, except to the extent the debt is subject to setoff or recoupment.
(b) Subject to subsection (3), if the person has possession, custody, or control of receivership property, turn the property over to the receiver.
(2) A person that has notice of the appointment of a receiver and owes a debt that is receivership property may not satisfy the debt by payment to the owner.
(3) If a creditor has possession, custody, or control of receivership property and the validity, perfection, or priority of the creditor's lien on the property depends on the creditor's possession, custody, or control, the creditor may retain possession, custody, or control until the court orders adequate protection of the creditor's lien.
(4) Unless a bona fide dispute exists about a receiver's right to possession, custody, or control of receivership property, the court may sanction as contempt a person's failure to turn the property over when required by this section.
History:
2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 16 of 2018 - Receivership Act (554.1011 - 554.1040) › Section 554.1023 - Duties of Owner.

554.1023 Duties of owner.
Sec. 13.
(1) An owner shall do all of the following:
(a) Assist and cooperate with the receiver in the administration of the receivership and the discharge of the receiver's duties.
(b) Preserve and turn over to the receiver all receivership property in the owner's possession, custody, or control.
(c) Identify all records and other information relating to the receivership property, including a password, authorization, or other information needed to obtain or maintain access to or control of the receivership property, and make available to the receiver the records and information in the owner's possession, custody, or control.
(d) Except as may be otherwise ordered by the court for cause, within 7 days after the entry of the order appointing the receiver, deliver to the receiver a list containing the name and address of all creditors and other known interested parties of the receivership estate.
(e) On subpoena, submit to examination under oath by the receiver concerning the acts, conduct, property, liabilities, and financial condition of the owner or any matter relating to the receivership property or the receivership.
(f) Perform any duty imposed by court order, this act, or law of this state other than this act.
(2) If an owner is a person other than an individual, this section applies to each officer, director, manager, member, partner, trustee, or other person exercising or having the power to exercise control over the affairs of the owner.
(3) If a person knowingly fails to perform a duty imposed by this section, the court may do 1 or both of the following:
(a) Award the receiver actual damages caused by the person's failure, reasonable attorney fees, and costs.
(b) Sanction the failure as contempt.
History:
2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1051 - Short Title.

554.1051 Short title.
Sec. 1.
This act may be cited as the "Michigan uniform assignment of rents act".
History:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1053 - Assignment; Notification; Method; Proper Address Rules.

554.1053 Assignment; notification; method; proper address rules.
Sec. 3.
(1) Except as otherwise provided in subsections (3) and (4), a person gives a notification or a copy of a notification under this act by doing either of the following:
(a) Depositing it with the United States Postal Service or with a commercially reasonable delivery service, properly addressed to the intended recipient's address as specified in subsection (2), with first-class postage or cost of delivery provided for.
(b) If the recipient agreed to receive notification by facsimile transmission, email, or other electronic transmission, sending it to the recipient in the agreed manner at the address specified in the agreement.
(2) The following rules determine the proper address for giving a notification under subsection (1):
(a) A person giving a notification to an assignee shall use the address for notices to the assignee provided in the document creating the assignment of rents, but, if the assignee has provided the person giving the notification with a more recent address for notices, the person giving the notification shall use that address.
(b) A person giving a notification to an assignor shall use the address for notices to the assignor provided in the document creating the assignment of rents, but, if the assignor has provided the person giving the notification with a more recent address for notices, the person giving the notification shall use that address.
(c) If a tenant's agreement with an assignor provides an address for notices to the tenant and the person giving notification has received a copy of the agreement or knows the address for notices specified in the agreement, the person giving the notification shall use that address in giving a notification to the tenant. Otherwise, the person shall use the address of the premises covered by the agreement.
(3) If a person giving a notification pursuant to this act and the recipient have agreed to the method for giving a notification, any notification must be given by that method.
(4) If a notification is received by the recipient, it is effective even if it was not given in accordance with subsection (1) or (3).
History:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1055 - Recording With Register of Deeds; Perfected Security Interest; Priority.

554.1055 Recording with register of deeds; perfected security interest; priority.
Sec. 5.
(1) A document creating an assignment of rents may be submitted for recording to the register of deeds in the same manner as any other document evidencing a conveyance of an interest in real property.
(2) Upon recording, the security interest in rents created by an assignment of rents is fully perfected, even if a provision of the document creating the assignment or law of this state other than this act would preclude or defer enforcement of the security interest until the occurrence of a subsequent event, including a subsequent default of the assignor, the assignee's obtaining possession of the real property, or the appointment of a receiver.
(3) Except as otherwise provided in subsection (4), a perfected security interest in rents takes priority over the rights of a person that, after the security interest is perfected, does either of the following:
(a) Acquires a judicial lien against the rents or the real property from which the rents arise. If the judicial lien arises out of a construction lien, the priority of the security interests in the rents must be determined under the construction lien act, 1980 PA 497, MCL 570.1101 to 570.1305.
(b) Purchases an interest in the rents or the real property from which the rents arise.
(4) A perfected security interest in rents has priority over the rights of a person described in subsection (3) with respect to future advances to the same extent as the assignee's security interest in the real property has priority over the rights of that person with respect to future advances.
History:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1056 - Assignment Enforcement Methods.

554.1056 Assignment enforcement methods.
Sec. 6.
(1) An assignee may enforce an assignment of rents using 1 or more of the methods specified in sections 7, 8, and 9 or any other method sufficient to enforce the assignment under law of this state other than this act.
(2) From the first date of enforcement, the assignee or, in the case of enforcement by appointment of a receiver under section 7, the receiver, is entitled to collect all of the following:
(a) Rents that have accrued but remain unpaid on that date.
(b) Rents that accrue on or after that date, as those rents accrue.
(3) From the first date of enforcement, a modification of the rental agreement is not binding on the assignee without the written consent of the assignee.
History:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1058 - Demand Notice to Assignor for Collection of Rents; Notification Requirements.

554.1058 Demand notice to assignor for collection of rents; notification requirements.
Sec. 8.
(1) Upon the assignor's default, or as otherwise agreed by the assignor, the assignee may give the assignor a notice demanding that the assignor pay over the proceeds of any rents that the assignee is entitled to collect under section 6. The assignee shall record the notice in the office of the register of deeds in the same manner as the security instrument is recorded. The filing of a petition for appointment of a receiver, if it is served in the manner provided in section 3 within 10 days after it is filed, constitutes a recorded notification demanding that the assignor pay over the proceeds of any rents that the assignee is entitled to collect under section 6. The assignee shall also give a copy of the recorded or filed notification to any other person that, 10 days before the notification date, held a recorded assignment of rents arising from the real property.
(2) If an assignee enforces an assignment of rents under this section, the date of enforcement is the date on which the assignor receives a notification under subsection (1). If the notification was served in the manner provided in section 3 within 10 days after it was recorded, the date of enforcement is the date of recording.
(3) An assignee's failure to give a notification under subsection (1) to any person holding a recorded assignment of rents does not affect the effectiveness of the notification as to the assignor, but the other person is entitled to any relief permitted under law of this state other than this act.
History:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1061 - Effect of Enforcement of Assignments of Rent.

554.1061 Effect of enforcement of assignments of rent.
Sec. 11.
The enforcement of an assignment of rents by 1 or more of the methods identified in sections 7, 8, and 9, the application of proceeds by the assignee under section 12 after enforcement, the payment of expenses under section 13, or an action under section 14(4) does not do any of the following:
(a) Make the assignee a mortgagee in possession of the real property.
(b) Make the assignee an agent of the assignor.
(c) Constitute an election of remedies that precludes a later action to enforce the secured obligation or the security instrument.
(d) Make the secured obligation or the security instrument unenforceable.
(e) Limit any right available to the assignee with respect to the secured obligation.
History:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1062 - Collection of Rent Proceeds; Use of Funds.

554.1062 Collection of rent proceeds; use of funds.
Sec. 12.
Unless otherwise agreed, an assignee that collects rents under this act or collects upon a judgment in an action under section 14(4) shall apply the sums collected in the following order:
(a) To the assignee's reasonable expenses of enforcing its assignment of rents, including, to the extent provided for by agreement and not prohibited by law of this state other than this act, reasonable attorney fees and costs incurred by the assignee.
(b) To reimbursement of any expenses incurred by the assignee to protect or maintain the real property subject to the assignment.
(c) To payment of the secured obligation.
(d) To payment of any obligation secured by a subordinate security interest or other lien on the rents if, before distribution of the proceeds, the assignor and assignee receive a notification from the holder of the interest or lien demanding payment of the proceeds.
(e) To the assignor.
History:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1063 - Exception for Use of Collection of Rents; Protection of Rights.

554.1063 Exception for use of collection of rents; protection of rights.
Sec. 13.
(1) Unless otherwise agreed by the assignee, and subject to subsection (3), an assignee that collects rents following enforcement under section 8 or 9 need not apply them to the payment of expenses of protecting or maintaining the real property subject to the assignment.
(2) Unless a tenant has made an enforceable agreement not to assert claims or defenses, the right of the assignee to collect rents from the tenant is subject to the terms of the agreement between the assignor and tenant and any claim or defense arising from the assignor's nonperformance of that agreement.
(3) This act does not limit the standing or right of a tenant, assignor, or other affected person to request a court to appoint a receiver for the real property subject to the assignment or to seek other relief on the ground that the assignee's nonpayment of expenses of protecting or maintaining the real property has caused or threatened harm to the tenant's, assignor's, or other affected person's interest in the property.
History:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1064 - "Good Faith" Defined; Collection by Assignor; Remedies; Priority.

554.1064 "Good faith" defined; collection by assignor; remedies; priority.
Sec. 14.
(1) In this section, "good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing.
(2) If an assignor collects rents that the assignee is entitled to collect under this act, both of the following apply:
(a) The assignor shall turn over the proceeds to the assignee, less any amount representing payment of expenses authorized by the assignee.
(b) The assignee continues to have a security interest in the proceeds so long as they are identifiable.
(3) For purposes of this act, cash proceeds are identifiable if they are maintained in a segregated account or, if commingled with other funds, to the extent the assignee can identify them by a method of tracing, including application of equitable principles, that is permitted under law of this state other than this act with respect to commingled funds.
(4) In addition to any other remedy available to the assignee under law of this state other than this act, if an assignor fails to turn over proceeds to the assignee as required by subsection (2), the assignee may recover from the assignor or a person liable under the uniform voidable transactions act, 1998 PA 434, MCL 566.31 to 566.45, or both, in a civil action, both of the following:
(a) The proceeds, or an amount equal to the proceeds, that the assignor was obligated to turn over under subsection (2).
(b) Reasonable attorney fees and costs incurred by the assignee to the extent provided for by agreement and not prohibited by law of this state other than this act.
(5) The assignee may maintain an action under subsection (4) without bringing an action to foreclose any security interest that it may have in the real property, and an action under subsection (4) does not bar a foreclosure by advertisement under chapter 32 of the revised judicature act of 1961, 1961 PA 236, MCL 600.3201 to 600.3285. Any sums recovered in the action must be applied in the manner specified in section 12.
(6) Unless otherwise agreed, if an assignee entitled to priority under section 5(3) enforces its interest in rents after another creditor holding a subordinate security interest in rents has enforced its interest under section 8 or 9, the creditor holding the subordinate security interest in rents is not obligated to turn over any proceeds that it collects in good faith before the creditor receives notification that the senior assignee has enforced its interest in rents. The creditor shall turn over to the senior assignee any proceeds that it collects after it receives the notification.
History:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1065 - Perfection of Security Interests; Priority Rules in Article 9.

554.1065 Perfection of security interests; priority rules in article 9.
Sec. 15.
(1) As used in this section:
(a) "Article 9" means article 9 of the uniform commercial code, 1962 PA 174, MCL 440.9101 to 440.9809, or, to the extent applicable to any particular issue, article 9 of the uniform commercial code as adopted by the state whose laws govern that issue under the choice-of-laws rules contained in article 9 as adopted by this state.
(b) "Conflicting interest" means an interest in proceeds, held by a person other than an assignee, that is either of the following:
(i) A security interest arising under article 9.
(ii) Any other interest if article 9 resolves the priority conflict between that person and a secured party with a conflicting security interest in the proceeds.
(2) An assignee's security interest in identifiable cash proceeds is perfected if its security interest in rents is perfected. An assignee's security interest in identifiable noncash proceeds is perfected only if the assignee perfects that interest in accordance with article 9.
(3) Except as otherwise provided in subsection (4), priority between an assignee's security interest in identifiable proceeds and a conflicting interest is governed by the priority rules in article 9.
(4) An assignee's perfected security interest in identifiable cash proceeds is subordinate to a conflicting interest that is perfected by control under article 9 but has priority over a conflicting interest that is perfected other than by control.
History:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1066 - Priority Subject to Subordination.

554.1066 Priority subject to subordination.
Sec. 16.
This act does not preclude subordination by agreement as to rents or proceeds.
History:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1067 - Promotion of Uniformity.

554.1067 Promotion of uniformity.
Sec. 17.
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:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1068 - Electronic Signatures.

554.1068 Electronic signatures.
Sec. 18.
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:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1069 - Applicability of Act.

554.1069 Applicability of act.
Sec. 19.
(1) Except as otherwise provided in this section, this act governs the enforcement of an assignment of rents and the perfection and priority of a security interest in rents, even if the document creating the assignment was signed and delivered before the effective date of this act.
(2) This act does not affect an action or proceeding commenced before the effective date of this act.
(3) This act does not affect any of the following:
(a) The enforceability of an assignee's security interest in rents or proceeds if, immediately before the effective date of this act, that security interest was enforceable.
(b) The perfection of an assignee's security interest in rents or proceeds if, immediately before the effective date of this act, that security interest was perfected.
(c) The priority of an assignee's security interest in rents or proceeds with respect to the interest of another person if, immediately before the effective date of this act, the interest of the other person was enforceable and perfected, and that priority was established.
History:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 554 - Real and Personal Property › Act 115 of 2022 - Michigan Uniform Assignment of Rents Act (554.1051 - 554.1070) › Section 554.1070 - Repeal of Certain Acts.

554.1070 Repeal of certain acts.
Sec. 20.
The following acts are repealed:
(a) 1925 PA 228, MCL 554.211 to 554.214.
(b) 1953 PA 210, MCL 554.231 to 554.233.
History:
2022, Act 115, Eff. Sept. 22, 2022
2023 Michigan Compiled Laws › Chapter 555 - Uses and Trusts › R.S. of 1846 - Revised Statutes of 1846 (555.1 - 555.28) › R-S-1846-555-1-63 - Chapter 63 Chapter 63. of Uses and Trusts. (555.1...555.28) › R-S-1846-555-1-63-USES-AND-TRUSTS. - Uses and Trusts. (555.1...555.28) › Section 555.1 - Uses and Trusts; Extent of Abolition; Interests Deemed Legal.

555.1 Uses and trusts; extent of abolition; interests deemed legal.
Sec. 1.
Uses and trusts, except as authorized and modified in this chapter, are abolished, and every estate and interest in lands shall be deemed a legal right, cognizable as such in the courts of law, except when otherwise provided in this title.
History:
R.S. 1846, Ch. 63 ;-- CL 1857, 2631 ;-- CL 1871, 4114 ;-- How. 5563 ;-- CL 1897, 8829 ;-- CL 1915, 11565 ;-- CL 1929, 12967 ;-- CL 1948, 555.1