Michigan Laws 570.590 – Condition prohibiting compensation; release of lien
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Terms Used In Michigan Laws 570.590
- Lien: A claim against real or personal property in satisfaction of a debt.
- Record: means to record with the register of deeds for the county in which the commercial real estate is located. See Michigan Laws 570.582
If a claim of lien has been recorded under this act and a condition occurs that prohibits the real estate broker from receiving compensation under the terms of the written agreement on which the claim is based, the real estate broker shall provide a release of lien under section 5 to the owner of record within 10 days after a written demand by the owner of record or the owner’s agent.