Sec. 25.
A request by a secured party for appointment of a receiver, the appointment of a receiver, or application by a secured party of receivership property or proceeds to the secured obligation does not do any of the following:
(a) Make the secured party a mortgagee in possession of the real property.
(b) Impose any duty on the secured party under section 9207 of the uniform commercial code, 1962 PA 174, MCL 440.9207.
(c) Make the secured party an agent of the owner.
(d) Constitute an election of remedies that precludes a later action to enforce the secured obligation.
(e) Make the secured obligation unenforceable.
(f) Limit any right available to the secured party with respect to the secured obligation.
(g) Constitute an action within the meaning of section 3204(1)(b) of the revised judicature act of 1961, 1961 PA 236, MCL 600.3204.
History: 2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
Structure Michigan Compiled Laws
Chapter 554 - Real and Personal Property
Act 16 of 2018 - Receivership Act (554.1011 - 554.1040)
Section 554.1011 - Short Title.
Section 554.1012 - Definitions.
Section 554.1013 - Court Order; Issuance; Notice and Hearing; Circumstances.
Section 554.1014 - Applicability of Act; Scope; Limitation.
Section 554.1017 - Appointment of Receiver; Objection; Requirements; Disqualifications.
Section 554.1018 - Bond; Alternative Security.
Section 554.1019 - Status of Receiver as Lien Creditor.
Section 554.1020 - Acquisition of Property After Appointment as Receiver; Security Agreement.
Section 554.1022 - Powers and Duties of Receiver.
Section 554.1023 - Duties of Owner.
Section 554.1024 - Stay or Injunction.
Section 554.1025 - Engagement of Professional; Compensation.
Section 554.1027 - "Timeshare Interest" Defined; Executory Contract.
Section 554.1028 - Defenses and Immunities of Receiver.
Section 554.1029 - Quarterly Interim Report of Receiver.
Section 554.1031 - Fees and Expenses.
Section 554.1032 - Removal of Receiver; Replacement; Discharge; Termination.
Section 554.1033 - Final Report of Receiver; Contents; Discharge.
Section 554.1034 - Receivership in Another State; Rights, Powers, and Duties of Ancillary Receiver.
Section 554.1035 - Enforcement by Secured Party; Effect.
Section 554.1036 - Uniformity of Law.
Section 554.1037 - Electronic Signatures in Global and National Commerce Act.
Section 554.1038 - Receiver Appointed Before Effective Date of Act.