557.267 Purchaser for value; lender taking security interest in property.
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557.267 Purchaser for value; lender taking security interest in property.
Sec. 7.
(1)If a surviving spouse has apparent title to property to which this act applies, a purchaser for value or a lender taking a security interest in the property takes his interest in the property free of any rights of the personal representative or an heir or devisee of the decedent.
(2)If a personal representative or an heir or devisee of the decedent has apparent title to property to which this act applies, a purchaser for value or a lender taking a security interest in the property takes his interest in the property free of any rights of the surviving spouse.
(3)A purchaser for value or a lender need not inquire whether a vendor or borrower acted properly.
(4)The proceeds of a sale or creation of a security interest shall be treated in the same manner as the property transferred to the purchaser for value or a lender.
History: 1975, Act 289, Eff. Mar. 31, 1976