There is a newer version of the Michigan Compiled Laws
2010 Michigan Compiled Laws
Chapter 570 - LIENS
Act 481 of 2002 - SPECIAL TOOLS LIEN ACT (570.541 - 570.571)
SPECIAL TOOLS LIEN ACTAct 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
- Section 570.541 - Short title.
- Section 570.542 - Definitions.
- Section 570.543 - Special tools; unclaimed possession; transfer of rights from customer to end user; destruction.
- Section 570.545 - Transfer of rights to end user; notice; waiting period.
- Section 570.547 - Return receipt of notice; possession unclaimed; transfer.
- Section 570.549 - Retroactive application of waiting period.
- Section 570.551 - Applicability and construction of MCL 570.543, 570.545, 570.547, and 570.549.
- Section 570.553 - Lien; possession.
- Section 570.555 - Enforcement of lien; notice.
- Section 570.557 - Sale of special tool at public auction; conditions.
- Section 570.559 - Sale of special tool at public auction; notice; information; notice nondeliverable; dispute.
- Section 570.561 - Payment of proceeds to prior lienholder; payment of amount to end user possessing lien or to customer.
- Section 570.563 - Information recorded by special tool builder; filing financial statement; constructive notice of lien on special tool; attachment; duration of lien; priority.
- Section 570.565 - Enforcement of lien; notice.
- Section 570.567 - Rights of possession.
- Section 570.569 - Sale of special tool with lien asserted.
- Section 570.571 - Sale of special tool; use of excess proceeds; prohibition.
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