Michigan Laws 554.1020 – Acquisition of property after appointment as receiver; security agreement
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 554.1020
- Court: means the circuit court. See Michigan Laws 554.1012
- Owner: means the person for whose property a receiver is appointed. See Michigan Laws 554.1012
- Property: means all of a person's right, title, and interest, both legal and equitable, in real property, personal property, and fixtures tangible and intangible, wherever located and however acquired. See Michigan Laws 554.1012
- Receiver: means a person appointed by the court as the court's agent, and subject to the court's direction, to take possession of, manage, and, if authorized by this act or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property. See Michigan Laws 554.1012
- Security agreement: means an agreement that creates or provides for a lien, including a mortgage. See Michigan Laws 554.1012
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 554.1012
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.