Michigan Laws 554.1014 – Applicability of act; scope; limitation
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Terms Used In Michigan Laws 554.1014
- Affiliate: means all of the following:
(i) With respect to an individual, any of the following:
(A) A companion of the individual. See Michigan Laws 554.1012Court: means the circuit court. See Michigan Laws 554.1012 Governmental unit: means an office, department, division, bureau, board, commission, or other agency of this state or a subdivision of this state. See Michigan Laws 554.1012 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Owner: means the person for whose property a receiver is appointed. See Michigan Laws 554.1012 Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Michigan Laws 554.1012 Personal property: All property that is not real property. 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 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. 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 Receivership: means a proceeding in which a receiver is appointed. See Michigan Laws 554.1012 Rents: means all of the following:
(i) Sums payable for the right to possess or occupy, or for the actual possession or occupation of, real or personal property of another person. See Michigan Laws 554.1012State: 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
(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.