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TRUST MORTGAGE FORECLOSURE
Act 210 of 1933
AN ACT to provide for the acquisition, management and disposition, by the trustee or trustees as a trust under the jurisdiction of equity, of property mortgaged to such trustee or trustees to secure bonds or other obligations, where such acquisition is requested or assented to by the holders of a majority in amount of such bonds or obligations and no bid for the mortgaged property at public sale under decree of foreclosure was or is made or appears to be obtainable for a sum representing the fair and reasonable value of the interest in said property of all holders of such bonds or obligations; to provide for the concurrence or non-concurrence of such holders in said request and for the method, time and manner of payment to non-concurring holders of their pro rata share of the amount so bid by said trustee or trustees.
History: 1933, Act 210, Imd. Eff. July 3, 1933
© 2009 Legislative Council, State of Michigan
The People of the State of Michigan enact:
|Section 451.401||Section||Trust mortgage foreclosure; definitions.
|Section 451.402||Section||Trust mortgage foreclosure; insufficient bid; request for trustee to bid, procedure.
|Section 451.403||Section||Trust mortgage foreclosure; payment to non-concurring holders.
|Section 451.404||Section||Trust mortgage foreclosure; trustee, maintenance and operation of property; sale, accounting.
|Section 451.405||Section||Construction and application of act; severing clause.