Michigan Compiled Laws Act 201 Of 2010 Commercial Real Estate Broker's Lien Act (570.581 - 570.594)

• Section 570.581 Short Title.
  This act shall be known and may be cited as the "commercial real estate broker's lien act". History: 2010, Act 201, Imd. Eff. Oct....
• Section 570.582 Definitions.
  As used in this act: (a) "Buyer" means a purchaser or lessee of a legal or equitable interest in real estate. (b) "Claim of...
• Section 570.583 Commercial Real Estate Broker's Lien; Availability.
  A commercial real estate broker's lien is only available to an individual licensed as a real estate broker under article 25 of the occupational...
• Section 570.584 Lien; Attachment; Conditions; Recording; Time Of Filing; Contents Of Claim; Form; Mailing; Claim Of Lien As Void And Unenforceable; Priority Of Prior-recorded Lien Or Mortgage; "Lease" Defined.
  (1) A commercial real estate broker's lien attaches to commercial real estate in favor of a real estate broker if all of the following...
• Section 570.585 Escrow Account; Establishment To Satisfy Lien; Release.
  (1) If a claim of lien recorded under section 4 would otherwise prevent the closing of a transaction involving commercial real estate, the parties...
• Section 570.586 Action To Enforce Lien; Complaint.
  (1) A person claiming a commercial real estate broker's lien may bring an action to enforce the lien in the circuit court for the...
• Section 570.587 Commencement Of Action; Time Period.
  (1) An action under section 6 shall be commenced within 1 year after the date the commercial real estate broker's lien attaches. (2) Failure...
• Section 570.588 Sale Of Interest In Commercial Real Estate; Court Order; Order Of Foreclosure; Period Of Redemption; Order Of Deficiency Judgment; Costs.
  (1) If the court in an action under section 6 finds that the plaintiff is entitled to the commercial real estate lien and that...
• Section 570.589 Written Demand On Behalf Of Owner Of Commercial Real Estate; Service.
  A written demand on behalf of the owner of commercial real estate may be served on a person claiming a commercial real estate broker's...
• Section 570.590 Condition Prohibiting Compensation; Release Of Lien.
  If a claim of lien has been recorded under this act and a condition occurs that prohibits the real estate broker from receiving compensation...
• Section 570.591 Payment Of Claim Or Failure To Commence Action; Release Of Lien.
  If a claim of lien recorded under this act has been paid, or if an action to enforce the lien has not been commenced...
• Section 570.592 Partial Payment Of Lien Claim; Partial Satisfaction And Release Of Lien; Form.
  (1) If a claim of lien recorded under this act has been partially paid, the real estate broker shall provide a partial satisfaction and...
• Section 570.593 Priority Of Subsequently Recorded Mortgage; Condition.
  A subsequently recorded mortgage has priority over a commercial real estate broker's lien if the mortgagee did not have actual or constructive knowledge of...
• Section 570.594 Written Commission Agreement Signed After Effective Date Of Act; Applicability.
  This act applies to a written commission agreement signed after the effective date of this act. History: 2010, Act 201, Imd. Eff. Oct. 5,

Last modified: October 10, 2016