Michigan Laws 570.592 – Partial payment of lien claim; partial satisfaction and release of lien; form
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 570.592
- Commercial real estate: means real estate or an interest in real estate that is not any of the following:
(i) Real estate zoned for single-family use and on which no building or structure is located. See Michigan Laws 570.582Lien: A claim against real or personal property in satisfaction of a debt. Record: means to record with the register of deeds for the county in which the commercial real estate is located. See Michigan Laws 570.582 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
(1) If a claim of lien recorded under this act has been partially paid, the real estate broker shall provide a partial satisfaction and release of lien in the form provided in subsection (2) within 5 days after written demand by the owner of record or the owner’s agent.
(2) A partial satisfaction and release of lien under this section shall meet the requirements of 1937 PA 103, MCL 565.201 to 565.203, and be in substantially the following form:
| PARTIAL SATISFACTION AND RELEASE OF LIEN |
The claimant named below is the claimant under a claim of commercial real estate broker’s lien recorded on ____________ [date] in the office of the register of deeds of _______________ County, Michigan, at Liber _________, Page _________ on the following described property:
| [Legal description] |
The claimant has been paid $_____________, a portion of the amount of the lien. The remaining amount of the lien is $______.
Therefore, the claimant, for and in consideration of the payment, waives, to the extent of the payment, the claim of or right to a lien under the commercial real estate broker’s lien act against the property described above, the building or buildings on the property, and the tenant spaces in the building or buildings.
| [Name of Claimant] | |
| By:________________________ | |
| Its Authorized Agent | |
| Signed and sworn to before me in ____________ County, Michigan, on ________________, ______[year]. | |
| _______________________________ | |
| [Notary’s name, county, acting | |
| in county, state, and date | |
| commission expires] | |
| Prepared By: | |
| Return To: |