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In May 2017, we highlighted the Sixth Circuit's opinion in Town Center Flats. Briefly, Town Center Flats held that ownership of a commercial property's rents transferred to a lender when (1)...
On June 24, 2022, the Legislature changed that by enacting the Michigan Uniform Assignment of Rents Act MUARA. The MUARA protects lenders by clarifying that an assignment of rents is a perfected security interest as soon as it is recorded.
In May 2017, we highlighted the Sixth Circuit’s opinion in Town Center Flats. Briefly, Town Center Flats held that ownership of a commercial property’s rents transferred to a lender...
On June 24, 2022, the Legislature changed that by enacting the Michigan Uniform Assignment of Rents Act MUARA. The MUARA protects lenders by clarifying that an assignment of rents is a perfected security interest as soon as it is recorded.