Sec. 12.
Such mortgage-lien created as aforesaid shall be in the nature of a mortgage on real estate, and may be foreclosed and collected the same as a mortgage is now enforced and collected in equity, and shall be subject to all laws of this state in relation to the foreclosure and satisfaction of mortgages in chancery, as near as may be. All suits commenced for the foreclosure, collection, and satisfaction of such mortgage-lien shall be in the corporate name of such association.
History: 1863, Act 232, Eff. June 22, 1863 ;-- Am. 1871, Act 90, Imd. Eff. Apr. 12, 1871 ;-- CL 1871, 2756 ;-- How. 3885 ;-- CL 1897, 6778 ;-- CL 1915, 8878 ;-- CL 1929, 11813 ;-- CL 1948, 486.12
Structure Michigan Compiled Laws
Chapter 486 - Water and Power Companies
Act 232 of 1863 - Water Power Companies (486.1 - 486.22)
Section 486.2 - Articles of Association; Signing, Filing, Evidence; Body Corporate, Powers.
Section 486.3 - Board of Directors; Annual Election, Notice; Officers, Treasurer's Bond; Vacancy.
Section 486.4 - Membership in Association; Procedure, Rights.
Section 486.5 - Repairs; Permanent Improvements, Approval of Members; Expense.
Section 486.6 - Repairs; Statement, Filing, Contents.
Section 486.7 - Assessment for Repairs or Improvements.
Section 486.8 - Assessment; Collection; Non-Payment, Use of Water Prohibited.
Section 486.9 - Assessment; Notice to Non-Resident.
Section 486.10 - Assessment; Mortgage Lien; Preference.
Section 486.11 - Mortgage Lien; Certificate, Contents, Recording.
Section 486.12 - Mortgage Lien; Foreclosure.
Section 486.13 - Mortgage Lien; Commencement of Suit After 60 Days.
Section 486.14 - Meetings of Members of Associations; Notice, Proof of Service, Filing.
Section 486.15 - Watchman; Appointment, Duties, Compensation.
Section 486.16 - Contracts Made by Board of Directors.
Section 486.17 - Treasurer; Duties.
Section 486.18 - Assessment; Recovery, Interest.
Section 486.19 - Disposition of Funds at Annual Meeting.
Section 486.21 - Stockholder's Liability.
Section 486.22 - Tenants in Common; Consent for Improvements and Repairs, Liability.