Michigan Compiled Laws Act 348 Of 1990 Priority Of Mortgages (565.901 - 565.906)

• 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