Michigan Laws 554.1035 – Enforcement by secured party; effect
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Terms Used In Michigan Laws 554.1035
- 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
- Proceeds: means any of the following property:
(i) Whatever is acquired on the sale, lease, license, exchange, or other disposition of receivership property. See Michigan Laws 554.1012Property: 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 Secured obligation: means an obligation the payment or performance of which is secured by a security agreement. See Michigan Laws 554.1012 Secured party: means a person entitled to enforce a secured obligation or lien. See Michigan Laws 554.1012 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
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.