Michigan Laws 445.1403 – Payment in full; acknowledgment, release of collateral
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 445.1403
- buyer: means a person who buys goods and services, or services from a contractor pursuant to a home improvement installment contract, or goods and services from a contractor pursuant to a home improvement charge agreement. See Michigan Laws 445.1102
- Collateral: means real or personal property subject to a pledge, security interest, mortgage, encumbrance, judgment, or other lien which secures the performance of an obligation of the buyer, or a surety or guarantor for the buyer, under a home improvement installment contract or any extension, deferment, renewal, or other revision thereof. See Michigan Laws 445.1102
- Holder: means a person, including a contractor, currently entitled to the rights of a contractor under a home improvement installment contract or home improvement charge agreement. See Michigan Laws 445.1102
After the payment of all sums for which the buyer is obligated under a home improvement installment contract and upon demand made by the buyer, the holder shall deliver, or mail to the buyer at his last known address, such 1 or more good and sufficient instruments as may be necessary to acknowledge payment in full and to release all collateral.