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Michigan Compiled Laws Act 348 Of 1990 Priority Of Mortgages (565.901 - 565.906)
AN ACT to establish the priority of a mortgage that secures an indebtedness or other obligation that arises or is incurred after the mortgage has been recorded.
1990, Act 348, Eff. Apr. 1, 1991
Section 565.901 Definitions.
As used in this act: (a) “Future advance” means an indebtedness or other obligation that is secured by a mortgage and arises or is...
Section 565.902 Priority Of Future Advance Mortgage.
Except as otherwise provided by this act, a future advance mortgage securing a future advance shall have priority with respect to the future advance...
Section 565.903 Priority Of Recorded Mortgage Amended To Become Future Advance Mortgage.
Except as otherwise provided by this act, if a recorded mortgage has been or is amended to become a future advance mortgage, it shall...
Section 565.903a Priority Of Residential Future Advance Mortgage.
(1) Sections 2 and 3 do not apply to a residential future advance mortgage, except to the extent the mortgage secures a protective advance...
Section 565.904 Priority Of Future Advance Mortgage Over Another Interest In Property Recorded Prior To April 1, 1991.
This act does not give a future advance mortgage priority over another mortgage, lien, or other interest in the property that was recorded prior...
Section 565.905 Applicability Of Act.
This act does not apply to the extent that priority is governed by section 119 of the construction lien act, Act No. 497 of...
Section 565.906 Effective Date.
This act shall take effect April 1, 1991. History: 1990, Act 348, Eff. Apr. 1, 1991
Last modified: October 10, 2016