Michigan Laws 565.902 – Priority of future advance mortgage
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 565.902
- Future advance: means an indebtedness or other obligation that is secured by a mortgage and arises or is incurred after the mortgage has been recorded, whether or not the future advance was obligatory or optional on the part of the mortgagee. See Michigan Laws 565.901
- Future advance mortgage: means a mortgage that secures a future advance and is recorded either prior to or after the effective date of this act. See Michigan Laws 565.901
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Except as otherwise provided by this act, a future advance mortgage securing a future advance shall have priority with respect to the future advance as if the future advance was made at the time the future advance mortgage was recorded.