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114 chapters · 762 sections in this title.
Mich. Comp. Laws § 445.1591 Short title.
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Sec. 1. This act shall be known and may be cited as the "nonrecourse mortgage loan act".
Mich. Comp. Laws § 445.1592 Definitions.
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Sec. 2. As used in this act: (a) "Nonrecourse carveout" means a specific exception, if any, to the nonrecourse provisions set forth in the loan documents for a nonrecourse loan that has the effect of creating, if specified events occur, personal liability of the borrower or a gua…
Mich. Comp. Laws § 445.1593 Post closing solvency covenant; prohibited use.
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Sec. 3. (1) A post closing solvency covenant shall not be used, directly or indirectly, as a nonrecourse carveout or as the basis for any claim or action against a borrower or any guarantor or other surety on a nonrecourse loan. (2) A provision in the documents for a nonrecourse …
Mich. Comp. Laws § 445.1594 Loan documents not containing nonrecourse loan provisions; use.
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Sec. 4. This act does not prohibit a loan secured by a mortgage on real property located in this state from being fully recourse to the borrower or the guarantor, including, but not limited to, as a result of a post closing solvency covenant, if the loan documents for that loan d…