Michigan Laws 554.1069 – Applicability of act
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 554.1069
- Assignee: means a person entitled to enforce an assignment of rents. See Michigan Laws 554.1052
- Assignment of rents: means a transfer of an interest in rents in connection with an obligation secured by real property located in this state and from which the rents arise. See Michigan Laws 554.1052
- Document: means information that is inscribed on a tangible medium or that is stored on an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 554.1052
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government, or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Michigan Laws 554.1052
- 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 554.1052Security interest: means an interest in property that arises by agreement and secures performance of an obligation. See Michigan Laws 554.1052
(1) Except as otherwise provided in this section, this act governs the enforcement of an assignment of rents and the perfection and priority of a security interest in rents, even if the document creating the assignment was signed and delivered before the effective date of this act.
(2) This act does not affect an action or proceeding commenced before the effective date of this act.
(3) This act does not affect any of the following:
(a) The enforceability of an assignee‘s security interest in rents or proceeds if, immediately before the effective date of this act, that security interest was enforceable.
(b) The perfection of an assignee’s security interest in rents or proceeds if, immediately before the effective date of this act, that security interest was perfected.
(c) The priority of an assignee’s security interest in rents or proceeds with respect to the interest of another person if, immediately before the effective date of this act, the interest of the other person was enforceable and perfected, and that priority was established.