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Code · Michigan · Chapter 445 — Trade and Commerce

445.618d Sale for sum greater than amount of lien; disposition of proceeds; prohibited sales.

125 words·~1 min read·/mi/chapter-445/445-618d

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445.618d Sale for sum greater than amount of lien; disposition of proceeds; prohibited sales.
Sec. 8d.
(1)If the sale is for a sum greater than the amount of the lien, the proceeds shall first be paid to the prior lienholder who has a perfected lien in an amount sufficient to extinguish that interest. Any excess shall next be paid to the molder who possesses a lien under this act in an amount sufficient to extinguish that interest. Any remainder shall then be paid to the customer.
(2)A sale shall not be made under this act if it would be in violation of any right of a customer under federal patent or copyright law.
History: Add. 1986, Act 103, Imd. Eff. May 16, 1986
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