570.561 Payment of proceeds to prior lienholder; payment of amount to end user possessing lien or to customer.
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570.561 Payment of proceeds to prior lienholder; payment of amount to end user possessing lien or to customer.
Sec. 21.
(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 end user 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: 2002, Act 481 , Imd. Eff. June 27, 2002