Title 554, REAL AND PERSONAL PROPERTY

Sec. 5. (1) A document creating an assignment of rents may be submitted for recording to the register of deeds in the same manner as any other document evidencing a conveyance of an interest in real property. (2) Upon recording, the security interest in rents created by an assign…

Sec. 6. (1) An assignee may enforce an assignment of rents using 1 or more of the methods specified in sections 7, 8, and 9 or any other method sufficient to enforce the assignment under law of this state other than this act. (2) From the first date of enforcement, the assignee o…

Sec. 7. (1) An assignee is entitled to the appointment of a receiver for the real property subject to the assignment of rents if either of the following applies: (a) The assignor is in default and any of the following apply: (i) The assignor has agreed in a signed document to the…

Sec. 8. (1) Upon the assignor's default, or as otherwise agreed by the assignor, the assignee may give the assignor a notice demanding that the assignor pay over the proceeds of any rents that the assignee is entitled to collect under section 6. The assignee shall record the noti…

Sec. 9. (1) Upon the assignor's default, or as otherwise agreed by the assignor, the assignee may give to a tenant of the real property a notification demanding that the tenant pay to the assignee all unpaid accrued rents and all unaccrued rents as they accrue. The assignee shall…

Sec. 10. No particular phrasing is required for the notification specified in section 9. However, the following form of notification, when properly completed, is sufficient to satisfy the requirements of section 9: NOTIFICATION TO PAY RENTS TO PERSON OTHER THAN LANDLORD Your land…

Sec. 11. The enforcement of an assignment of rents by 1 or more of the methods identified in sections 7, 8, and 9, the application of proceeds by the assignee under section 12 after enforcement, the payment of expenses under section 13, or an action under section 14(4) does not d…

Sec. 12. Unless otherwise agreed, an assignee that collects rents under this act or collects upon a judgment in an action under section 14(4) shall apply the sums collected in the following order: (a) To the assignee's reasonable expenses of enforcing its assignment of rents, inc…

Sec. 13. (1) Unless otherwise agreed by the assignee, and subject to subsection (3), an assignee that collects rents following enforcement under section 8 or 9 need not apply them to the payment of expenses of protecting or maintaining the real property subject to the assignment.…

Sec. 14. (1) In this section, "good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing. (2) If an assignor collects rents that the assignee is entitled to collect under this act, both of the following apply: (a) The assignor shall t…

Sec. 15. (1) As used in this section: (a) "Article 9" means article 9 of the uniform commercial code, 1962 PA 174, MCL 440.9101 to 440.9809, or, to the extent applicable to any particular issue, article 9 of the uniform commercial code as adopted by the state whose laws govern th…

Sec. 16. This act does not preclude subordination by agreement as to rents or proceeds.

Sec. 17. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

Sec. 18. This act modifies, limits, or supersedes the electronic signatures in global and national commerce act, 15 USC 7001 to 7031, but does not modify, limit, or supersede 15 USC 7001(c), or authorize electronic delivery of any of the notices described in 15 USC 7003(b).

Sec. 19. (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 o…

Sec. 20. The following acts are repealed: (a) 1925 PA 228, MCL 554.211 to 554.214. (b) 1953 PA 210, MCL 554.231 to 554.233.