Michigan Compiled Laws § 565.903 Priority Of Recorded Mortgage Amended To Become Future Advance Mortgage.

565.903 Priority of recorded mortgage amended to become future advance mortgage.

Sec. 3.

Except as otherwise provided by this act, if a recorded mortgage has been or is amended to become a future advance mortgage, it shall have priority with respect to a future advance secured by the mortgage as if the future advance was made at the time the amendment was recorded.

History: 1990, Act 348, Eff. Apr. 1, 1991 ;-- Am. 1992, Act 35, Eff. July 1, 1992

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Last modified: October 10, 2016