Michigan Compiled Laws Act 210 Of 1953 Assignment Of Rents To Accrue As Additional Mortgage Security (554.231 - 554.233)

AN ACT to authorize the assignment of rents to accrue from existing leases as additional security to mortgage obligations.

History: 1953, Act 210, Eff. Oct. 2, 1953

Section 554.231 Assignment Of Rents To Accrue From Leases As Additional Mortgage Security.
Hereafter, in or in connection with any mortgage on commercial or industrial property other than an apartment building with less than 6 apartments or...
Section 554.232 Assignment Of Rents; Validity.
The assignment of rents, when so made, shall be a good and valid assignment of the rents to accrue under any lease or leases...
Section 554.233 Modification Of Mortgage.
While the mortgage remains in force no modification of the rental covenants in such lease shall be binding upon the holder of such mortgage...

Last modified: October 10, 2016