§ 565.161 Annual statements to mortgagor; when required, contents
§ 565.162 Annual statements to mortgagor; exceptions to furnishing
§ 565.163 Failure of mortgagee or agent to pay property taxes; liability for penalties or fees
§ 565.164 Adjustment to escrow account
contract signature

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Terms Used In Michigan Laws > Chapter 565 > Act 125 of 1966 - Annual Statements to Mortgagors

  • Contract: A legal written agreement that becomes binding when signed.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o