Sec. 3.
Except as otherwise provided by this act, if a recorded mortgage has been or is amended to become a future advance mortgage, it shall have priority with respect to a future advance secured by the mortgage as if the future advance was made at the time the amendment was recorded.
History: 1990, Act 348, Eff. Apr. 1, 1991 ;-- Am. 1992, Act 35, Eff. July 1, 1992
Structure Michigan Compiled Laws
Chapter 565 - Conveyances of Real Property
Act 348 of 1990 - Priority of Mortgages (565.901 - 565.906)
Section 565.901 - Definitions.
Section 565.902 - Priority of Future Advance Mortgage.
Section 565.903 - Priority of Recorded Mortgage Amended to Become Future Advance Mortgage.
Section 565.903a - Priority of Residential Future Advance Mortgage.