Michigan Laws 565.904 – Priority of future advance mortgage over another interest in property recorded prior to April 1, 1991
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 565.904
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
This act does not give a future advance mortgage priority over another mortgage, lien, or other interest in the property that was recorded prior to April 1, 1991 if the other mortgage, lien, or other interest in the property would have had priority in the absence of this act.