CONDOMINIUM ACT (EXCERPT)
Act 59 of 1978
559.158 Acquisition of title by foreclosure of first mortgage; liability for assessments.
If the mortgagee of a first mortgage of record or other purchaser of a condominium unit obtains title to the condominium unit as a result of foreclosure of the first mortgage, that mortgagee or purchaser and his or her successors and assigns are not liable for the assessments by the administering body chargeable to the unit that became due prior to the acquisition of title to the unit by that mortgagee or purchaser and his or her successors and assigns.
History: 1978, Act 59, Eff. July 1, 1978
Am. 2000, Act 379, Imd. Eff. Jan. 2, 2001
Am. 2002, Act 283, Imd. Eff. May 9, 2002
© 2009 Legislative Council, State of Michigan