Sec. 5.
After the expiration of the 3-year period set forth in section 3, if an end user chooses to have all rights, title, and interest in a special tool transferred to the end user by operation of law, the end user shall send written notice by registered mail, return receipt requested, to an address designated in writing by the customer, or if not so designated, to the customer's last known address, indicating that the end user intends to terminate the customer's rights, title, and interest in the special tool, by having all rights, title, and interest in the special tool transferred to the end user by operation of law, under this act.
History: 2002, Act 481, Imd. Eff. June 27, 2002
Structure Michigan Compiled Laws
Act 481 of 2002 - Special Tools Lien Act (570.541 - 570.571)
Section 570.541 - Short Title.
Section 570.542 - Definitions.
Section 570.545 - Transfer of Rights to End User; Notice; Waiting Period.
Section 570.547 - Return Receipt of Notice; Possession Unclaimed; Transfer.
Section 570.549 - Retroactive Application of Waiting Period.
Section 570.551 - Applicability and Construction of MCL 570.543, 570.545, 570.547, and 570.549.
Section 570.553 - Lien; Possession.
Section 570.555 - Enforcement of Lien; Notice.
Section 570.557 - Sale of Special Tool at Public Auction; Conditions.
Section 570.565 - Enforcement of Lien; Notice.
Section 570.567 - Rights of Possession.
Section 570.569 - Sale of Special Tool With Lien Asserted.
Section 570.571 - Sale of Special Tool; Use of Excess Proceeds; Prohibition.