Michigan Laws 493.73 – Instrument evidencing or securing secondary mortgage; contents
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An instrument evidencing or securing a secondary mortgage loan shall not contain any of the following:
(a) A power of attorney to confess judgment.
Terms Used In Michigan Laws 493.73
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) A provision by which the debtor waives rights accruing under this act, any federal law, or law of this state.
(c) An assignment of or order for the payment of all or part of salary, wages, commissions, or other compensation for services earned or to be earned.
(d) A provision to compel, encourage, or induce a borrower to incorporate to evade the provisions of this act.
(e) A provision by which a debtor agrees to pay damages absent a judgment by a court.