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44 chapters · 194 sections in this title.
Mich. Comp. Laws § 565.901 Definitions.
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Sec. 1. As used in this act: (a) "Future advance" means an indebtedness or other obligation that is secured by a mortgage and arises or is incurred after the mortgage has been recorded, whether or not the future advance was obligatory or optional on the part of the mortgagee. (b)…
Mich. Comp. Laws § 565.902 Priority of future advance mortgage.
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Sec. 2. Except as otherwise provided by this act, a future advance mortgage securing a future advance shall have priority with respect to the future advance as if the future advance was made at the time the future advance mortgage was recorded.
Mich. Comp. Laws § 565.903 Priority of recorded mortgage amended to become future advance mortgage.
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Sec. 3. Except as otherwise provided by this act, if a recorded mortgage has been or is amended to become a future advance mortgage, it shall have priority with respect to a future advance secured by the mortgage as if the future advance was made at the time the amendment was rec…
Mich. Comp. Laws § 565.903a Priority of residential future advance mortgage.
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Sec. 3a. (1) Sections 2 and 3 do not apply to a residential future advance mortgage, except to the extent the mortgage secures a protective advance unless there are set forth in a conspicuous manner on the first page of the mortgage or on the first page of an amendment to the mor…