§ 554.1051 Short title
§ 554.1052 Definitions
§ 554.1053 Assignment; notification; method; proper address rules
§ 554.1054 Assignment of rents; enforceable security interest; discharge; foreclosure; applicability
§ 554.1055 Recording with register of deeds; perfected security interest; priority
§ 554.1056 Assignment enforcement methods
§ 554.1057 Appointment of receiver; petition; priority of receivers
§ 554.1058 Demand notice to assignor for collection of rents; notification requirements
§ 554.1059 Demand notice to tenant for payment of rents; notification requirements
§ 554.1060 Notification to pay rents to person other than landlord; form
§ 554.1061 Effect of enforcement of assignments of rent
§ 554.1062 Collection of rent proceeds; use of funds
§ 554.1063 Exception for use of collection of rents; protection of rights
§ 554.1064 “Good faith” defined; collection by assignor; remedies; priority
§ 554.1065 Perfection of security interests; priority rules in article 9
§ 554.1066 Priority subject to subordination
§ 554.1067 Promotion of uniformity
§ 554.1068 Electronic signatures
§ 554.1069 Applicability of act
§ 554.1070 Repeal of certain acts
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Terms Used In Michigan Laws > Chapter 554 > Act 115 of 2022 - Michigan Uniform Assignment of Rents Act

  • 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
  • Assignor: means a person that makes an assignment of rents or the successor owner of the real property from which the rents arise. See Michigan Laws 554.1052
  • Cash proceeds: means proceeds that are money, checks, deposit accounts, or the like. See Michigan Laws 554.1052
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Day: means calendar day. See Michigan Laws 554.1052
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • 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
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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.
  • Notification: means a document containing information that this act requires a person to provide to another, signed by the person required to provide the information. See Michigan Laws 554.1052
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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
  • Personal property: All property that is not real property.
  • Proceeds: means personal property that is received or collected on account of a tenant's obligation to pay rents. See Michigan Laws 554.1052
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Rental agreement: means an agreement by which a person is obligated to pay rents to the assignor. 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
  • Secured obligation: means an obligation the performance of which is secured by an assignment of rents. See Michigan Laws 554.1052
  • Security instrument: means a document, however denominated, that creates or provides for a security interest in real property, including a land contract, whether or not it also creates or provides for a security interest in personal property. See Michigan Laws 554.1052
  • Security interest: means an interest in property that arises by agreement and secures performance of an obligation. See Michigan Laws 554.1052
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 554.1052
  • Tenant: means a person that has an obligation to pay sums for the right to possess or occupy, or for possessing or occupying, the real property of another person. See Michigan Laws 554.1052
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o