Michigan § 554.1062 Collection of rent proceeds; use of funds.

Michigan Statutes

§ 554.1062 — Collection of rent proceeds; use of funds.

Michigan § 554.1062

Ch. 554REAL AND PERSONAL PROPERTY

Act 115 of 2022MICHIGAN UNIFORM ASSIGNMENT OF RENTS ACT (554.1051-554.1070)

This text of Michigan § 554.1062 (Collection of rent proceeds; use of funds.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 554.1062 (2026).

Text

MICHIGAN UNIFORM ASSIGNMENT OF RENTS ACT (EXCERPT) Act 115 of 2022 554.1062 Collection of rent proceeds; use of funds. Sec. 12. Unless otherwise agreed, an assignee that collects rents under this act or collects upon a judgment in an action under section 14(4) shall apply the sums collected in the following order:

(a)To the assignee's reasonable expenses of enforcing its assignment of rents, including, to the extent provided for by agreement and not prohibited by law of this state other than this act, reasonable attorney fees and costs incurred by the assignee.

(b)To reimbursement of any expenses incurred by the assignee to protect or maintain the real property subject to the assignment.

(c)To payment of the secured obligation.

(d)To payment of any obligation secured by a subordinate s

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MICHIGAN UNIFORM ASSIGNMENT OF RENTS ACT (EXCERPT) Act 115 of 2022 554.1062 Collection of rent proceeds; use of funds. Sec. 12. Unless otherwise agreed, an assignee that collects rents under this act or collects upon a judgment in an action under section 14(4) shall apply the sums collected in the following order: (a) To the assignee's reasonable expenses of enforcing its assignment of rents, including, to the extent provided for by agreement and not prohibited by law of this state other than this act, reasonable attorney fees and costs incurred by the assignee. (b) To reimbursement of any expenses incurred by the assignee to protect or maintain the real property subject to the assignment. (c) To payment of the secured obligation. (d) To payment of any obligation secured by a subordinate security interest or other lien on the rents if, before distribution of the proceeds, the assignor and assignee receive a notification from the holder of the interest or lien demanding payment of the proceeds. (e) To the assignor.