Sec. 8d.
(1) If the sale is for a sum greater than the amount of the lien, the proceeds shall first be paid to the prior lienholder who has a perfected lien in an amount sufficient to extinguish that interest. Any excess shall next be paid to the molder who possesses a lien under this act in an amount sufficient to extinguish that interest. Any remainder shall then be paid to the customer.
(2) A sale shall not be made under this act if it would be in violation of any right of a customer under federal patent or copyright law.
History: Add. 1986, Act 103, Imd. Eff. May 16, 1986
Structure Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 155 of 1981 - Ownership Rights in Dies, Molds, and Forms (445.611 - 445.620c)
Section 445.611 - Definitions.
Section 445.612 - Transfer of Rights, Title, and Interest in Die, Mold, or Form to Molder; Purpose.
Section 445.615 - Retroactive Application of 3-Year Waiting Period.
Section 445.616 - Applicability and Construction of MCL 445.612 to 445.615.
Section 445.617 - Effective Date.
Section 445.618 - Molder's Lien.
Section 445.618a - Enforcement of Lien; Notice.
Section 445.618b - Sale of Die, Mold, or Form; Conditions.
Section 445.618c - Sale of Die, Mold, or Form; Notice; Dispute.
Section 445.619 - Moldbuilder; Lien; Requirements.
Section 445.620 - Moldbuilder; Lien; Enforcement; Notice.
Section 445.620a - Moldbuilder; Right to Possession of Die, Mold, or Form.
Section 445.620b - Sale of Die, Mold, or Form; Notice of Intent.