Title 554, REAL AND PERSONAL PROPERTY

Sec. 8. (1) Except as otherwise provided in subsection (2), a receiver shall post with the court a bond that meets all of the following requirements: (a) The bond is conditioned on the faithful discharge of the receiver's duties. (b) The bond has 1 or more sureties approved by th…

Sec. 9. On appointment of a receiver, the receiver has the status of a lien creditor under both of the following: (a) Article 9 of the uniform commercial code, 1962 PA 174, MCL 440.9101 to 440.9809, as to receivership property that is personal property or fixtures. (b) The record…

Sec. 10. Except as otherwise provided by law of this state other than this act, property that a receiver or owner acquires after appointment of the receiver is subject to a security agreement entered into before the appointment to the same extent as if the court had not appointed…

Sec. 11. (1) Unless the court orders otherwise, a person shall do both of the following on demand by a receiver, as applicable: (a) If the person owes a debt that is receivership property and is matured or payable on demand or on order, pay the debt to or on the order of the rece…

Sec. 12. (1) Except as limited by court order or applicable law, a receiver may do all of the following: (a) Collect, control, manage, conserve, and protect receivership property. (b) Operate a business constituting receivership property, including preservation, use, sale, lease,…

Sec. 13. (1) An owner shall do all of the following: (a) Assist and cooperate with the receiver in the administration of the receivership and the discharge of the receiver's duties. (b) Preserve and turn over to the receiver all receivership property in the owner's possession, cu…

Sec. 14. (1) Except as otherwise provided in subsection (4) or ordered by the court, an order appointing a receiver operates as a stay, applicable to all persons, of an act, action, or proceeding to do any of the following: (a) Obtain possession of, exercise control over, or enfo…

Sec. 15. (1) With court approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker, or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose all of the following to the court: …

Sec. 16. (1) As used in this section, "good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing. (2) With court approval, a receiver may use receivership property other than in the ordinary course of business. (3) With court approval…

Sec. 17. (1) As used in this section, "timeshare interest" means either of the following, as applicable: (a) Unless subdivision (b) applies, an interest having a duration of more than 3 years that grants its holder the right to use and occupy an accommodation, facility, or recrea…

Sec. 18. (1) A receiver is entitled to all defenses and immunities provided by law of this state other than this act for an act or omission within the scope of the receiver's appointment. (2) Leave of the appointing court must be obtained before the institution of any action or p…

Sec. 19. Except as otherwise ordered by the court for cause, a receiver shall file quarterly interim reports that include all of the following: (a) The activities of the receiver since appointment or a previous report. (b) Receipts and disbursements, including a payment made or p…

Sec. 20. (1) Within 7 days after the receipt by the receiver of the list required under section 13(1)(d), the receiver shall provide all creditors and any other known interested parties with notice and a copy of any order governing its appointment. Notwithstanding the foregoing, …

Sec. 21. (1) The court may award a receiver from receivership property the reasonable and necessary fees and expenses of performing the duties of the receiver and exercising the powers of the receiver. (2) The court may order 1 or more of the following to pay the reasonable and n…

Sec. 22. (1) The court may remove a receiver for cause. (2) The court shall replace a receiver that dies, resigns, or is removed. (3) If the court finds that a receiver that resigns or is removed, or the representative of a receiver that is deceased, has accounted fully for and t…

Sec. 23. (1) On completion of a receiver's duties, the receiver shall file a final report including all of the following: (a) A description of the activities of the receiver in the conduct of the receivership. (b) A list of receivership property at the commencement of the receive…

Sec. 24. (1) The court may appoint a receiver appointed in another state, or that person's nominee, as an ancillary receiver with respect to property located in this state or subject to the jurisdiction of the court for which a receiver could be appointed under this act, if both …

Sec. 25. A request by a secured party for appointment of a receiver, the appointment of a receiver, or application by a secured party of receivership property or proceeds to the secured obligation does not do any of the following: (a) Make the secured party a mortgagee in possess…

Sec. 26. 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. 27. 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. 28. This act does not apply to a receivership for which the receiver was appointed before the effective date of this act.

Sec. 30. This act takes effect 90 days after the date it is enacted into law.

Sec. 1. The common law rule known as the rule against perpetuities now in force in this state as to personal property shall hereafter be applicable to real property and estates and other interests therein, whether freehold or non-freehold, legal or equitable, by way of trust or o…

Sec. 2. Sections 14, 15, 16, 17, 18, 19, 20 and 23 of chapter 62 of the Revised Statutes of 1846, being sections 554.14, 554.15, 554.16, 554.17, 554.18, 554.19, 554.20 and 554.23, respectively, of the Compiled Laws of 1948, concerning perpetuities and the suspension of the absolu…

Sec. 3. This act applies only to nonvested property interests created after September 23, 1949. Unless as otherwise provided by statute, this act shall not apply to nonvested property interests created on or after the effective date of the uniform statutory rule against perpetuit…

Sec. 1. When any leased or rented building is destroyed, or is so injured by the elements, or in any other way, as to be untenantable or unfit for occupancy, and no express agreement to the contrary has been made in writing, the lessee or occupant may, if the destruction or injur…

Sec. 1. (1) Any interest in oil or gas in any land owned by any person other than the owner of the surface, which has not been sold, leased, mortgaged, or transferred by instrument recorded in the register of deeds office for the county where that interest in oil or gas is locate…

Sec. 2. (1) Any interest in oil or gas referred to in this act may be preserved by recording within the period specified in this act a written notice in the register of deeds office for the county in which the land is located. The notice shall be verified by oath and shall descri…

Sec. 3. For the purposes of this act, any person using such interests in underground gas storage operations may file a good faith affidavit in the register of deeds office for the county or counties where such interests are located, defining the boundaries of the underground gas …

Sec. 4. As used in this act, "person" means an individual, partnership, corporation, association, or other legal entity.

Sec. 1. When any oil, gas or other mineral lease heretofore or hereafter given on land situated in any county of Michigan and recorded therein shall become forfeited, it shall be the duty of the lessee, his successors or assigns, within 60 days from the date of the taking effect …

Sec. 2. Should the owner of such lease neglect or refuse to execute a release as provided by this act, then the owner of the leased premises may after giving notice as provided in section 1 of this act, in lieu of the method prescribed in the preceding section, sue in any court o…

Sec. 1. This act may be cited as the "Michigan uniform assignment of rents act".

Sec. 2. As used in this act: (a) "Assignee" means a person entitled to enforce an assignment of rents. Assignee includes the purchaser at a foreclosure sale by operation of law. (b) "Assignment of rents" means a transfer of an interest in rents in connection with an obligation se…

Sec. 3. (1) Except as otherwise provided in subsections (3) and (4), a person gives a notification or a copy of a notification under this act by doing either of the following: (a) Depositing it with the United States Postal Service or with a commercially reasonable delivery servi…

Sec. 4. (1) An assignment of rents is created by an assignment in either an enforceable security instrument that grants a security interest in rents or a document that grants a security interest in rents which is signed in connection with an enforceable security instrument as to …

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…