There is a newer version
of
this Section
2020 Michigan Compiled Laws
Chapter 600 - Revised Judicature Act of 1961
Act 236 of 1961 Revised Judicature Act of 1961 (600.101 - 600.9948)
236-1961-31 Chapter 31 Foreclosure of Mortgages and Land Contracts (600.3101...600.3185)
Section 600.3135 Proceeds of Sale; Application; Disposition and Investment of Surplus.
Universal Citation: MI Comp L § 600.3135 (2020)
600.3135 Proceeds of sale; application; disposition and investment of surplus.
Sec. 3135.
(1) The proceeds of every sale under a judgment shall be applied to the discharge of the debt adjudged by the court to be due and of the costs awarded; and if there is any surplus it shall be brought into court for the use of the defendant, or of the person entitled to it, subject to the order of the court.
(2) If the surplus or any part of it remains in the court for the term of 3 months without being applied for, the circuit court may direct that it be put out at interest under the direction of the court for the benefit of the defendant, his representatives, or assigns, to be paid to them by the order of the court.
History: 1961, Act 236, Eff. Jan. 1, 1963
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
