2006 Michigan Compiled Laws - Act 481 of 2002


Act 481 of 2002

AN ACT to provide for and establish possession and ownership rights in special tools for use in the fabrication of metal parts under certain conditions; to require procedures to establish a lien; and to establish and maintain a lien on certain special tools.

History: 2002, Act 481, Imd. Eff. June 27, 2002

The People of the State of Michigan enact:

Section 570.541Short title.
Section 570.542Definitions.
Section 570.543Special tools; unclaimed possession; transfer of rights from customer to end user; destruction.
Section 570.545Transfer of rights to end user; notice; waiting period.
Section 570.547Return receipt of notice; possession unclaimed; transfer.
Section 570.549Retroactive application of waiting period.
Section 570.551Applicability and construction of §§ 570.543, 570.545, 570.547, and 570.549.
Section 570.553Lien; possession.
Section 570.555Enforcement of lien; notice.
Section 570.557Sale of special tool at public auction; conditions.
Section 570.559Sale of special tool at public auction; notice; information; notice nondeliverable; dispute.
Section 570.561Payment of proceeds to prior lienholder; payment of amount to end user possessing lien or to customer.
Section 570.563Information recorded by special tool builder; filing financial statement; constructive notice of lien on special tool; attachment; duration of lien; priority.
Section 570.565Enforcement of lien; notice.
Section 570.567Rights of possession.
Section 570.569Sale of special tool with lien asserted.
Section 570.571Sale of special tool; use of excess proceeds; prohibition.

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