Bill Text: MI HB5795 | 2013-2014 | 97th Legislature | Chaptered
Bill Title: Civil procedure; foreclosure; eligibility for right to redeem property; require interest to be recorded. Amends sec. 3140 of 1961 PA 236 (MCL 600.3140).
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2014-12-31 - Assigned Pa 432'14 With Immediate Effect 2014 Addenda [HB5795 Detail]
Download: Michigan-2013-HB5795-Chaptered.html
Act No. 432
Public Acts of 2014
Approved by the Governor
December 29, 2014
Filed with the Secretary of State
December 30, 2014
EFFECTIVE DATE: December 30, 2014
STATE OF MICHIGAN
97TH LEGISLATURE
REGULAR SESSION OF 2014
Introduced by Reps. Lyons and Callton
ENROLLED HOUSE BILL No. 5795
AN ACT to amend 1961 PA 236, entitled “An act to revise and consolidate the statutes relating to the organization and jurisdiction of the courts of this state; the powers and duties of the courts, and of the judges and other officers of the courts; the forms and attributes of civil claims and actions; the time within which civil actions and proceedings may be brought in the courts; pleading, evidence, practice, and procedure in civil and criminal actions and proceedings in the courts; to provide for the powers and duties of certain state governmental officers and entities; to provide remedies and penalties for the violation of certain provisions of this act; to repeal all acts and parts of acts inconsistent with or contravening any of the provisions of this act; and to repeal acts and parts of acts,” by amending section 3140 (MCL 600.3140), as amended by 2004 PA 538.
The People of the State of Michigan enact:
Sec. 3140. (1) The mortgagor, the mortgagor’s heirs or personal representative, or any person that has a recorded interest in the property lawfully claiming from or under the mortgagor or the mortgagor’s heirs or personal representative may redeem the entire premises sold as ordered under section 3115 by paying, within 6 months after the sale, to the purchaser or the purchaser’s personal representative or assigns, or to the register of deeds in whose office the deed of sale is deposited as provided in the court rules, for the benefit of the purchaser, the amount that was bid with interest from the date of the sale at the interest rate provided for by the mortgage.
(2) The vendee of a land contract, the vendee’s heirs or personal representative, or any person lawfully claiming from or under the vendee or the vendee’s heirs or personal representative may redeem the entire premises sold as ordered under section 3115 within 6 months after the sale by paying to the purchaser or the purchaser’s personal representative or assigns, or to the register of deeds in whose office the deed of sale is deposited as provided in the court rules, for the benefit of the purchaser, the amount that was bid with interest from the date of the sale at the interest rate provided for by the land contract.
(3) A register of deeds shall not determine the amount necessary for redemption under this section. The purchaser shall attach an affidavit with the deed to be recorded under this section that states the exact amount required to redeem the property, including any daily per diem amounts, and the date by which the property must be redeemed must be stated on the certificate of the auctioneer. The purchaser may include in the affidavit the name of a designee responsible on behalf of the purchaser to assist the person redeeming the property in computing the exact amount required to redeem the property. The designee may charge a fee as stated in the affidavit and may be authorized by the purchaser to receive redemption money. The purchaser shall accept the amount computed by the designee.
(4) If redemption money is paid to the register of deeds under this section, the person redeeming the property shall pay a fee of $5.00 to the register of deeds for the care and custody of the redemption money.
(5) If payments are made as provided under this section, the deed of sale is void. If a distinct lot or parcel separately sold is redeemed, leaving a portion of the premises unredeemed, the deed of sale is void only as to the portion or portions of the premises that are redeemed.
(6) The amount stated in any affidavits recorded under this section shall be the amount necessary to satisfy the requirements for redemption under this section.
This act is ordered to take immediate effect.
Clerk of the House of Representatives
Secretary of the Senate
Approved
Governor
