Michigan Laws 570.593 – Priority of subsequently recorded mortgage; condition
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Terms Used In Michigan Laws 570.593
- 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. Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgagee: The person to whom property is mortgaged and who has loaned the money.
A subsequently recorded mortgage has priority over a commercial real estate broker’s lien if the mortgagee did not have actual or constructive knowledge of the lien at the time the mortgagee advanced money under the mortgage.