Michigan Laws 570.563 – Information recorded by special tool builder; filing financial statement; constructive notice of lien on special tool; attachment; duration of lien; priority
Current as of: 2023 | Check for updates
|
Other versions
(1) A special tool builder shall permanently record on every special tool that the special tool builder fabricates, repairs, or modifies the special tool builder’s name, street address, city, and state.
(2) A special tool builder shall file a financing statement in accordance with the requirements of section 9502 of the uniform and commercial code, 1962 PA 174, MCL 440.9502.
Terms Used In Michigan Laws 570.563
- Lien: A claim against real or personal property in satisfaction of a debt.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(3) A special tool builder has a lien on any special tool identified pursuant to subsection (1). The amount of the lien is the amount that a customer or end user owes the special tool builder for the fabrication, repair, or modification of the special tool. The information that the special tool builder is required to record on the special tool under subsection (1) and the financing statement required under subsection (2) shall constitute actual and constructive notice of the special tool builder’s lien on the special tool.
(4) The special tool builder’s lien attaches when actual or constructive notice is received. The special tool builder retains the lien that attaches under this section even if the special tool builder is not in physical possession of the special tool for which the lien is claimed.
(5) The lien remains valid until the first of the following events takes place:
(a) The special tool builder is paid the amount owed by the customer or end user.
(b) The customer receives a verified statement from the end user that the end user has paid the amount for which the lien is claimed.
(c) The financing statement is terminated.
(6) The priority of a lien created under this act on a special tool shall be determined by the time the lien attaches. The first lien to attach shall have priority over liens that attach subsequent to the first lien.