Sec. 4.
This act does not give a future advance mortgage priority over another mortgage, lien, or other interest in the property that was recorded prior to April 1, 1991 if the other mortgage, lien, or other interest in the property would have had priority in the absence of this act.
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.