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Michigan Legislature
Michigan Compiled Laws Complete Through PA 48 of 2019
House: Adjourned until Thursday, October 24, 2019 12:00:00 PM
Senate: Adjourned until Thursday, October 24, 2019 10:00:00 AM

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Act 481 of 2002
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Act 481 of 2002

AN ACT to provide for and establish possession and ownership rights in special tools for use in the fabrication of metal parts under certain conditions; to require procedures to establish a lien; and to establish and maintain a lien on certain special tools.

History: 2002, Act 481, Imd. Eff. June 27, 2002

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 570.541SectionShort title.
Section 570.542SectionDefinitions.
Section 570.543SectionSpecial tools; unclaimed possession; transfer of rights from customer to end user; destruction.
Section 570.545SectionTransfer of rights to end user; notice; waiting period.
Section 570.547SectionReturn receipt of notice; possession unclaimed; transfer.
Section 570.549SectionRetroactive application of waiting period.
Section 570.551SectionApplicability and construction of MCL 570.543, 570.545, 570.547, and 570.549.
Section 570.553SectionLien; possession.
Section 570.555SectionEnforcement of lien; notice.
Section 570.557SectionSale of special tool at public auction; conditions.
Section 570.559SectionSale of special tool at public auction; notice; information; notice nondeliverable; dispute.
Section 570.561SectionPayment of proceeds to prior lienholder; payment of amount to end user possessing lien or to customer.
Section 570.563SectionInformation recorded by special tool builder; filing financial statement; constructive notice of lien on special tool; attachment; duration of lien; priority.
Section 570.565SectionEnforcement of lien; notice.
Section 570.567SectionRights of possession.
Section 570.569SectionSale of special tool with lien asserted.
Section 570.571SectionSale of special tool; use of excess proceeds; prohibition.
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