Sec. 3135.
(1) The proceeds of every sale under a judgment shall be applied to the discharge of the debt adjudged by the court to be due and of the costs awarded; and if there is any surplus it shall be brought into court for the use of the defendant, or of the person entitled to it, subject to the order of the court.
(2) If the surplus or any part of it remains in the court for the term of 3 months without being applied for, the circuit court may direct that it be put out at interest under the direction of the court for the benefit of the defendant, his representatives, or assigns, to be paid to them by the order of the court.
History: 1961, Act 236, Eff. Jan. 1, 1963
Structure Michigan Compiled Laws
Chapter 600 - Revised Judicature Act of 1961
Act 236 of 1961 - Revised Judicature Act of 1961 (600.101 - 600.9948)
236-1961-31 - Chapter 31 Foreclosure of Mortgages and Land Contracts (600.3101...600.3185)
Section 600.3110 - Foreclosure of Interest or Installment; Payment Before Judgment.
Section 600.3115 - Foreclosure Proceeding; Sale, Time.
Section 600.3130 - Sale of Land on Foreclosure; Deed.
Section 600.3135 - Proceeds of Sale; Application; Disposition and Investment of Surplus.
Section 600.3145 - Redemption From Sale; Additional Sums for Taxes and Insurance Premiums.
Section 600.3155 - Upset Price at Sale.
Section 600.3160 - Persons Other Than Mortgagor or Vendee Securing Debt.