MCL - Act 115 of 2022


Act 115 of 2022

AN ACT to enact the uniform assignment of rents act; to provide for the creation, perfection, and enforcement of security interests in rents; to provide remedies; and to repeal acts and parts of acts.

History: 2022, Act 115, Eff. Sept. 22, 2022

The People of the State of Michigan enact:
Document Type Description
Section 554.1051 Section Short title.
Section 554.1052 Section Definitions.
Section 554.1053 Section Assignment; notification; method; proper address rules.
Section 554.1054 Section Assignment of rents; enforceable security interest; discharge; foreclosure; applicability.
Section 554.1055 Section Recording with register of deeds; perfected security interest; priority.
Section 554.1056 Section Assignment enforcement methods.
Section 554.1057 Section Appointment of receiver; petition; priority of receivers.
Section 554.1058 Section Demand notice to assignor for collection of rents; notification requirements.
Section 554.1059 Section Demand notice to tenant for payment of rents; notification requirements.
Section 554.1060 Section Notification to pay rents to person other than landlord; form.
Section 554.1061 Section Effect of enforcement of assignments of rent.
Section 554.1062 Section Collection of rent proceeds; use of funds.
Section 554.1063 Section Exception for use of collection of rents; protection of rights.
Section 554.1064 Section "Good faith" defined; collection by assignor; remedies; priority.
Section 554.1065 Section Perfection of security interests; priority rules in article 9.
Section 554.1066 Section Priority subject to subordination.
Section 554.1067 Section Promotion of uniformity.
Section 554.1068 Section Electronic signatures.
Section 554.1069 Section Applicability of act.
Section 554.1070 Section Repeal of certain acts.