Michigan Laws 445.1595 – Enforcement and interpretation of existing nonrecourse loan documents
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 445.1595
- Nonrecourse loan: means a commercial loan secured by a mortgage on real property located in this state and evidenced by loan documents that meet any of the following:
(i) Provide that the lender will not enforce the liability or obligation of the borrower by an action or proceeding in which a money judgment is sought against the borrower. See Michigan Laws 445.1592
This act applies to the enforcement and interpretation of all nonrecourse loan documents in existence on, or entered into on or after, the effective date of this act.