Michigan Laws 554.1066 – Priority subject to subordination
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Terms Used In Michigan Laws 554.1066
- Proceeds: means personal property that is received or collected on account of a tenant's obligation to pay rents. See Michigan Laws 554.1052
- Rents: means any of the following:
(i) Sums payable for the right to possess or occupy, or for the actual possession or occupation of, real property of another person. See Michigan Laws 554.1052
This act does not preclude subordination by agreement as to rents or proceeds.