Michigan Laws 570.378 – Termination of lien
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A lien under this act shall terminate and a facility owner shall immediately cease enforcement of actions brought under this act if either of the following occurs:
(a) The property owner pays the facility owner the full amount necessary to satisfy the lien or other amount that is accepted by a facility owner as payment in full. At any time before the conclusion of a sale conducted under this act, the property owner may redeem the property by paying the full amount necessary to satisfy the lien or other amount that is accepted by a facility owner as payment in full.
Terms Used In Michigan Laws 570.378
- Facility: means a marina, boatyard, boat or yacht club, or marine repair facility that provides, as part of its commercial operation, for the storage or repair of boats, boat motors, boat cradles, or boat trailers. See Michigan Laws 570.372
- Lien: A claim against real or personal property in satisfaction of a debt.
- lienholder of record: means a person to whom either of the following applies:
(i) The person has filed a lien notation on the title of a boat or boat trailer. See Michigan Laws 570.372Person: means an individual, association, partnership, limited liability company, corporation, boat or yacht club, governmental entity, or other legal entity. See Michigan Laws 570.372 Property: means a boat, boat motor, boat cradle, or boat trailer in storage at a facility for or following service, repair, or storage. See Michigan Laws 570.372
(b) A person other than the facility owner who has a lien on the property pays the facility owner the full amount necessary to satisfy the facility owner’s lien or other amount that is accepted by a facility owner as payment in full. Upon payment by a lienholder of record, the facility owner shall hold the property for the benefit of and at the direction of that lienholder and shall not deliver possession of the property to the property owner. Unless the facility owner and the lienholder enter into a new storage agreement, the lienholder shall arrange removal of the property from the facility.