SB-0732, As Passed House, May 22, 2018
SB-0732, As Passed Senate, February 14, 2018
December 13, 2017, Introduced by Senators ZORN, HERTEL, KNEZEK and PROOS and referred to the Committee on Local Government.
A bill to amend 1929 PA 236, entitled
"An act to provide for the recording of waivers of priority of
mortgages, and to make such record thereof constructive notice to
all persons dealing with mortgages, the lien of which has been
waived and with the property described in said mortgage; also to
provide for the fees for the recording thereof,"
by amending section 1 (MCL 565.391).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
1. When any mortgagee named in any The holder of a
mortgage
of property within located
in this state , that is the
mortgagee
named in the mortgage or the party
or parties a person to
whom
such the mortgage has been properly assigned of record ,
desire
to may waive the priority of said the mortgage
in favor of
any
other another lien or mortgage , the holder thereof may
in
writing
on said mortgage, or by executing a separate instrument
duly
acknowledged and witnessed in
the same manner as is provided
required for deeds and other instruments for the transfer of an
interest
in real estate. , waive the priority of said mortgage in
favor
of any other mortgage or lien, The
waiver is effective to the
extent
of the lien of the mortgage so waived. and such Recording of
the
waiver when recorded whether upon
the margin of the record, or
as
a separate instrument, shall be is
constructive notice thereof
of
the waiver to all persons dealing with
the mortgage , the lien
of
which has been so waived, or with
property described in said the
mortgage , from the date of filing said the waiver
for record. If
said
is recorded. A waiver be a separate instrument, it shall
recorded under this section must be recorded in the same manner
provided
for the recording of as are discharges of mortgages, and
the
recorder shall be register
of deeds is entitled to the same
fees
for recording waivers of priority fee
as are is charged
for
assignments
and discharges of mortgages.recording
a real estate
mortgage under section 2567 of the revised judicature act of 1961,
1961 PA 236, MCL 600.2567.
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.