Michigan Laws 559.159 – Submission of property with mortgage of record
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Terms Used In Michigan Laws 559.159
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
Property upon which there is a mortgage of record shall not be submitted to a condominium project without the written consent of the mortgagee.