SB-0732, As Passed House, May 22, 2018

SB-0732, As Passed Senate, February 14, 2018

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 732

 

 

December 13, 2017, Introduced by Senators ZORN, HERTEL, KNEZEK and PROOS and referred to the Committee on Local Government.

 

 

     A bill to amend 1929 PA 236, entitled

 

"An act to provide for the recording of waivers of priority of

mortgages, and to make such record thereof constructive notice to

all persons dealing with mortgages, the lien of which has been

waived and with the property described in said mortgage; also to

provide for the fees for the recording thereof,"

 

by amending section 1 (MCL 565.391).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 1. When any mortgagee named in any The holder of a

 

mortgage of property within located in this state , that is the

 

mortgagee named in the mortgage or the party or parties a person to

 

whom such the mortgage has been properly assigned of record ,

 

desire to may waive the priority of said the mortgage in favor of

 

any other another lien or mortgage , the holder thereof may in

 

writing on said mortgage, or by executing a separate instrument

 

duly acknowledged and witnessed in the same manner as is provided

 


required for deeds and other instruments for the transfer of an

 

interest in real estate. , waive the priority of said mortgage in

 

favor of any other mortgage or lien, The waiver is effective to the

 

extent of the lien of the mortgage so waived. and such Recording of

 

the waiver when recorded whether upon the margin of the record, or

 

as a separate instrument, shall be is constructive notice thereof

 

of the waiver to all persons dealing with the mortgage , the lien

 

of which has been so waived, or with property described in said the

 

mortgage , from the date of filing said the waiver for record. If

 

said is recorded. A waiver be a separate instrument, it shall

 

recorded under this section must be recorded in the same manner

 

provided for the recording of as are discharges of mortgages, and

 

the recorder shall be register of deeds is entitled to the same

 

fees for recording waivers of priority fee as are is charged for

 

assignments and discharges of mortgages.recording a real estate

 

mortgage under section 2567 of the revised judicature act of 1961,

 

1961 PA 236, MCL 600.2567.

 

     Enacting section 1. This amendatory act takes effect 90 days

 

after the date it is enacted into law.