2017 Michigan Compiled Laws
Chapter 554 - Real and Personal Property
Act 16 of 2018 UNIFORM COMMERCIAL REAL ESTATE RECEIVERSHIP ACT (554.1011.new - 554.1040.new)
Section 554.1035.new Enforcement by mortgagee; effect.
***** 554.1035.new THIS NEW SECTION IS EFFECTIVE MAY 7, 2018 *****
554.1035.new Enforcement by mortgagee; effect.Sec. 25.
A request by a mortgagee for appointment of a receiver, the appointment of a receiver, or application by a mortgagee of receivership property or proceeds to the secured obligation does not do any of the following:
(a) Make the mortgagee a mortgagee in possession of the real property.
(b) Make the mortgagee an agent of the owner.
(c) Constitute an election of remedies that precludes a later action to enforce the secured obligation.
(d) Make the secured obligation unenforceable.
(e) Limit any right available to the mortgagee with respect to the secured obligation.
(f) Constitute an action within the meaning of section 3204(1)(b) of the revised judicature act of 1961, 1961 PA 236, MCL 600.3204.
History: 2018, Act 16, Eff. May 7, 2018
