Mich. Comp. Laws » Michigan Compiled Laws / Chapter 565 / Act 237 of 1879

Mich. Comp. Laws § 565.356

Definitions.

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LAND CONTRACTS


Act 237 of 1879


565.356 Definitions.

Sec. 6.

    As used in this act:

    (a) "Assignee" means assignee of the vendor named in a land contract, a succeeding assignee, or a land contract mortgagee who became the absolute holder of the land contract as a result of security enforcement procedures.

    (b) "Grantee" means grantee of the vendor named in a land contract, a succeeding grantee, or a grantee pursuant to a mortgage foreclosure of a mortgage upon the land but subordinate to the land contract.

    (c) "Land contract mortgage" means a mortgage granted by a vendor or a vendee.

    (d) "Land contract mortgagee" means the holder of a land contract mortgage granted by a vendor or vendee, or his or her heirs, successors, or assigns.

    (e) "Nonmortgaging vendee" means a vendee who has not entered into a land contract mortgage granted by his or her vendor.

    (f) "Nonmortgaging vendor" means a vendor who has not entered into a land contract mortgage granted by his or her vendee.

    (g) "Real estate mortgage" means a mortgage granted upon an interest in real property, other than a mortgage upon a vendor's or vendee's interest in a land contract unless the vendor and the vendee join in or subject their respective interests to a single mortgage. A land contract mortgage is not a real estate mortgage.

    (h) "Third parties" means persons or entities other than the vendor, vendee, nonmortgaging vendor, nonmortgaging vendee, assignee, grantee, or land contract mortgagee, who have or claim an interest in or encumbrance upon real property or a vendor's or vendee's interest which is subject to a land contract mortgage.

    (i) "Vendee" means the vendee named in the land contract and the vendee's heirs, successors, or assigns.

    (j) "Vendor" means the vendor named in the land contract and the vendor's heirs, successors, or assigns.

History: Add. 1998, Act 106, Imd. Eff. June 3, 1998 ;-- Am. 2002, Act 147, Imd. Eff. Apr. 2, 2002

Notes of Decisions
Cited in 7 cases, 2004–2017 · leading case: Graves v. American Acceptance Mortgage Corp.
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Graves v. American Acceptance Mortgage Corp. (2004) mich · cites it 2× “357(2) of the recently enacted land contract mortgage act, MCL 565.356 et seq., provides that land contracts can be mortgaged and that the interests of both the vendor and the vendee subject to a land contract mortgage are real property interests.”
In Re Estate of Moukalled (2006) michctapp “237, MCL 565.356 to 565.361. [6] We emphasize that our holding is limited to the specific application of former MCL 440.”
Debra Batton-Jajuga v. Farm Bureau General Insurance Company of Mi (2017) michctapp “In its reply brief, Farm Bureau suggests that "it is unclear whether equitable conversion has survived the passage of the land contract mortgage act, MCL 565.356, et seq. " Other than briefly alluding to the issue, Farm Bureau has failed to develop it with any rigor and…”
Bakian v. Fifth Third Bank (2006) michctapp “9109, as amended by 2000 PA 348 , effective July 1, 2001, provides: (4) This article does not apply to any of the following: (l) The creation of or transfer of an interest in or hen on a land contract mortgage governed by sections 6 through 11 of 1879 PA 237 , MCL 565.356 to…”
Family Bible Church of Muskegon v. City of Norton Shores (2017) michctapp · cites it 3× “Since 1998, mortgages of interests arising from land contracts have been governed by the land contract mortgage act, MCL 565.356 et seq.7 Under this act, both the vendor and vendee may mortgage their respective interests in a land contract; the vendor’s right includes the right…”
Family Bible Church of Muskegon v. City of Norton Shores (2017) michctapp · cites it 3× “Since 1998, mortgages of interests arising from land contracts have been governed by the land contract mortgage act, MCL 565.356 et seq.7 Under this act, both the vendor and vendee may mortgage their respective interests in a land contract; the vendor’s right includes the right…”
Debra Batton-Jajuga v. Farm Bureau General Insurance Company of Mi (2017) michctapp “In its reply brief, Farm Bureau suggests that “it is unclear whether equitable conversion has survived the passage of the land contract mortgage act, MCL 565.356, et seq.” Other than briefly alluding to the issue, Farm Bureau has failed to develop it with any rigor and therefore…”
— Mich. Comp. Laws § 565.356(g) — 2 cases
Family Bible Church of Muskegon v. City of Norton Shores (2017) michctapp “Since 1998, mortgages of interests arising from land contracts have been governed by the land contract mortgage act, MCL 565.356 et seq.7 Under this act, both the vendor and vendee may mortgage their respective interests in a land contract; the vendor’s right includes the right…”
Family Bible Church of Muskegon v. City of Norton Shores (2017) michctapp “Since 1998, mortgages of interests arising from land contracts have been governed by the land contract mortgage act, MCL 565.356 et seq.7 Under this act, both the vendor and vendee may mortgage their respective interests in a land contract; the vendor’s right includes the right…”
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