Michigan Compiled Laws Act 228 Of 1925 Rents And Profits Under Trust Mortgage (554.211 - 554.214)

AN ACT to authorize the assignment of rents and profits of property mortgaged under a trust mortgage or deed of trust, to secure bonds or obligations issued or to be issued thereunder.

History: 1925, Act 228, Eff. Aug. 27, 1925

Section 554.211 Assignment Of Rents And Profits Under Trust Mortgage Or Deed; Lawfulness.
Hereafter, in or in connection with any trust mortgage or deed of trust, to secure bonds or obligations issued or to be issued thereunder,...
Section 554.212 Assignment; Validity Against Mortgagor And Occupiers Of Premises.
The assignment of rents and profits, when so made, shall be a good and valid assignment of rents as against the mortgagor or mortgagors...
Section 554.213 Trust Mortgage; Definition.
The term “trust mortgage” as used in this act, means and includes, among other forms of trust mortgages, any mortgage given to any person...
Section 554.214 Emergency Legislation; Immediate Necessity; Liberal Construction.
That by reason of the acute financial and economic condition, which has arisen and now exists in the state of Michigan an emergency exists,...

Last modified: October 10, 2016