Stay updated with breaking news from Uniform Assignment. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Secured lenders whose commercial loans are in default often face serious question: should they allow commercial property expenses to be paid, maybe increasing losses? Or should they minimize immediate pain by collecting all gross rents? Lenders must consider practical, legal factors.
On June 24, 2022, Michigan passed the Michigan Uniform Assignment of Rents Act (MUARA). When it did, Michigan became the first state with a Uniform Assignment of Rents Act that expands...
Michigan passed Michigan Uniform Assignment of Rents Act, becoming first state with such an act that expands definition of rents to include hotel revenues. This distinction makes a significant difference, is not clear in many states.
Michigan's Uniform Assignment of Rents Act MUARA law clarifies that an assignment of rents is not extinguished by a foreclosure sale itself, but instead terminates either at the end of the redemption period or when the property is redeemed.
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.