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Code · Michigan · Chapter 565 — Conveyances of Real Property

565.903 Priority of recorded mortgage amended to become future advance mortgage.

80 words·~1 min read·/mi/chapter-565/565-903

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565.903 Priority of recorded mortgage amended to become future advance mortgage.
Sec. 3.
Except as otherwise provided by this act, if a recorded mortgage has been or is amended to become a future advance mortgage, it shall have priority with respect to a future advance secured by the mortgage as if the future advance was made at the time the amendment was recorded.
History: 1990, Act 348, Eff. Apr. 1, 1991 ;-- Am. 1992, Act 35, Eff. July 1, 1992
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