Michigan Laws 565.356 – Definitions
Current as of: 2024 | Check for updates
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As used in this act:
(a) “Assignee” means assignee of the vendor named in a land contract, a succeeding assignee, or a land contract mortgagee who became the absolute holder of the land contract as a result of security enforcement procedures.
Terms Used In Michigan Laws 565.356
- Assignee: means assignee of the vendor named in a land contract, a succeeding assignee, or a land contract mortgagee who became the absolute holder of the land contract as a result of security enforcement procedures. See Michigan Laws 565.356
- Contract: A legal written agreement that becomes binding when signed.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Grantee: means grantee of the vendor named in a land contract, a succeeding grantee, or a grantee pursuant to a mortgage foreclosure of a mortgage upon the land but subordinate to the land contract. See Michigan Laws 565.356
- Land contract mortgage: means a mortgage granted by a vendor or a vendee. See Michigan Laws 565.356
- Land contract mortgagee: means the holder of a land contract mortgage granted by a vendor or vendee, or his or her heirs, successors, or assigns. See Michigan Laws 565.356
- 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.
- Nonmortgaging vendee: means a vendee who has not entered into a land contract mortgage granted by his or her vendor. See Michigan Laws 565.356
- Nonmortgaging vendor: means a vendor who has not entered into a land contract mortgage granted by his or her vendee. See Michigan Laws 565.356
- Real estate mortgage: means a mortgage granted upon an interest in real property, other than a mortgage upon a vendor's or vendee's interest in a land contract unless the vendor and the vendee join in or subject their respective interests to a single mortgage. See Michigan Laws 565.356
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Vendee: means the vendee named in the land contract and the vendee's heirs, successors, or assigns. See Michigan Laws 565.356
- Vendor: means the vendor named in the land contract and the vendor's heirs, successors, or assigns. See Michigan Laws 565.356
(b) “Grantee” means grantee of the vendor named in a land contract, a succeeding grantee, or a grantee pursuant to a mortgage foreclosure of a mortgage upon the land but subordinate to the land contract.
(c) “Land contract mortgage” means a mortgage granted by a vendor or a vendee.
(d) “Land contract mortgagee” means the holder of a land contract mortgage granted by a vendor or vendee, or his or her heirs, successors, or assigns.
(e) “Nonmortgaging vendee” means a vendee who has not entered into a land contract mortgage granted by his or her vendor.
(f) “Nonmortgaging vendor” means a vendor who has not entered into a land contract mortgage granted by his or her vendee.
(g) “Real estate mortgage” means a mortgage granted upon an interest in real property, other than a mortgage upon a vendor’s or vendee’s interest in a land contract unless the vendor and the vendee join in or subject their respective interests to a single mortgage. A land contract mortgage is not a real estate mortgage.
(h) “Third parties” means persons or entities other than the vendor, vendee, nonmortgaging vendor, nonmortgaging vendee, assignee, grantee, or land contract mortgagee, who have or claim an interest in or encumbrance upon real property or a vendor’s or vendee’s interest which is subject to a land contract mortgage.
(i) “Vendee” means the vendee named in the land contract and the vendee’s heirs, successors, or assigns.
(j) “Vendor” means the vendor named in the land contract and the vendor’s heirs, successors, or assigns.